Spirent Communications PLC
05 July 2007
SPIRENT COMMUNICATIONS PLC
SALE OF SWISSQUAL HOLDING AG
London, UK - 5 July 2007: Spirent Communications plc ("Spirent" or "the Company
") (LSE: SPT), a leading communications technology company, announces today that
it has sold its wholly owned subsidiary SwissQual Holding AG ("SwissQual") to
private investors for a cash consideration of US $3.0 million, approximately
£1.5 million.
As indicated in April, at the time of the Company's operating review, SwissQual
has been operating unprofitably, with losses continuing through the first half
of 2007. Spirent will record a loss on disposal of approximately £5.5 million
in relation to the transaction in 2007 and it will be reporting SwissQual as a
discontinued operation in its interim financial statements.
Commenting on the transaction, Edward Bramson, Chairman of Spirent, said:
"The sale of SwissQual releases resources for use in Spirent's core businesses
and it provides continuity for the customers and employees of SwissQual. We are
pleased that the sale has been completed so expeditiously."
- ends -
Enquiries
Eric Hutchinson, Chief Financial Officer Spirent Communications plc +44 (0)1293 767704
Andrew Dowler/Harriet Keen Financial Dynamics +44 (0)20 7831 3113
About Spirent Communications plc
Spirent Communications plc is a leading communications technology company
focused on delivering innovative systems and services to meet the needs of
customers worldwide. We are a global provider of performance analysis and
service assurance solutions that enable the development and deployment of
next-generation networking technologies such as broadband services, Internet
telephony, 3G wireless and web applications and security testing. The Systems
group develops power control systems for specialist electrical vehicles in the
mobility and industrial markets. Further information about Spirent
Communications plc can be found at www.spirent.com.
Spirent Communications plc Ordinary shares are traded on the London Stock
Exchange (ticker: SPT). The Company operates a Level 1 American Depositary
Receipt ("ADR") programme with each ADR representing four Spirent Communications
plc Ordinary shares. The ADRs trade in the US over-the-counter ("OTC") market
under the symbol SPMYY and the CUSIP number is 84856M209.
Spirent and the Spirent logo are trademarks or registered trademarks of Spirent
Communications plc. All other trademarks or registered trademarks mentioned
herein are held by their respective companies. All rights reserved.
This document may contain forward-looking statements which are made in good
faith and are based on current expectations or beliefs, as well as assumptions
about future events. You can sometimes, but not always, identify these
statements by the use of a date in the future or such words as "will",
"anticipate", "estimate", "expect", "project", "intend", "plan", "should",
"may", "assume" and other similar words. By their nature, forward-looking
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uncertainty because they relate to events and depend on circumstances that will
occur in the future. You should not place undue reliance on these
forward-looking statements, which are not a guarantee of future performance and
are subject to factors that could cause our actual results to differ materially
from those expressed or implied by these statements. The Company undertakes no
obligation to update any forward-looking statements contained in this document,
whether as a result of new information, future events or otherwise.
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