Spirent PLC
6 November 2001
793 - 6 November 2001
PRESENTATION ON GROUP STRATEGY AND DIVISIONAL DEVELOPMENTS
Spirent plc, the international network technology company, is today holding a
seminar, setting out an update on Spirent overall with a specific emphasis on
developments within the Communications group.
Nicholas Brookes, Chief Executive of Spirent, said:
'All our business groups continue to be profitable and generate cash. Our cost
reduction programme is substantially complete, and will achieve annualised
savings of £30 million.
'The performance of our Communications group in September and October was in
line with our expectations, as outlined in our Interim Statement on 30 August.
This is pleasing given that the telecommunications market continues to be
unpredictable. Improvements in profitability have already started to be seen
in September as cost savings realised through our reorganisation programme
begin to take effect.
'The net borrowings of Spirent reduced from £348 million at the end of the
first half to £339 million at the end of October. It is anticipated that the
sale to General Electric Inc of the Sensing Solutions business will be
completed in November, raising additional proceeds of £130 million net of tax
and expenses.
'Overall, Spirent plc's financial performance for the year to date is in line
with our expectations.'
- ends -
Enquiries:
Nicholas Brookes, Chief Executive Spirent plc +44 (0)1293 767676
Eric Hutchinson, Finance Director
Jon Coles/Rupert Young Brunswick (London) +44 (0)20 7404 5959
Background note:
Spirent plc is an international network technology company providing state-of-
the-art solutions with a focus on high growth, high margin activities. Our
Communications group unites leading edge performance analysis technology with
network operations expertise, enabling customers to accelerate the development,
deployment and assurance of next generation network equipment and services
worldwide. Further information about Spirent plc can be found at
www.spirent.com
Spirent plc is listed on the London Stock Exchange (ticker: SPT) and on the New
York Stock Exchange (ticker: SPM; CUSIP number: 84856M209) with one American
Depositary Receipt representing four ordinary shares.
Spirent and the Spirent logo are trademarks of Spirent plc. All rights
reserved.
This press release may contain forward-looking statements that are based on
current expectations or beliefs, as well as assumptions about future events.
You can identify these statements by their use of words such
as 'will', 'anticipate', 'estimate', 'expect', 'project', 'intend', 'plan', 'sho
uld', 'may', 'assume' and other similar words. You should not place undue
reliance on our 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. Such
factors include: aggressive competition; our ability to develop and
commercialise new products and services; risks relating to the acquisition or
sale of businesses; our reliance on third party manufacturers and suppliers;
our exposure to liabilities for product defects; our reliance on proprietary
technology; our ability to grow in e-commerce; our ability to attract and
retain qualified personnel; risks of doing business internationally; and risks
of downturns in the industries in which we participate; and other risks
described from time to time in Spirent plc's Securities and Exchange Commission
periodic reports and filings. We undertake no obligation to update our forward-
looking statements, whether as a result of new information, future events or
otherwise.
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