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Inspiring Innovation Enriching Life inspiring innovation enriching life Spirent Communications plc Annual Report 2010 INTERACTIVE PDF Welcome to the Spirent Annual Report 2010 This interactive pdf allows you to access the information that you want, allowing you easily to print, search for a specific item or go directly to a page, section or website. Use the document controls Use the contents to jump located at the top of each page straight to the section you to navigate through this report. require. Key overview Search the entire Our results 2 Spirent at a glance 4 document by Chairman’s statement 6 keyword business review Chief Executive Officer’s review 8 Our key performance indicators 14 Print a single page or Our principal risks and uncertainties 16 Business group development whole sections and performance 18 Financial review 26 Corporate social responsibility statement 30 Return to the contents Next Page Previous Page Links Throughout this report there are links to pages, other sections and web addresses for additional information. Examples: This is an example of how the links appear within this document. They are recognisable by the green underline simply click to go to the relevant page or web URL www.spirent.com Spirent plays a significant role in shaping the way the world communicates. We inspire innovation across our customer base by testing tomorrow’s networks and technologies today, including cloud computing, global positioning and high speed wireless data such as LTE. We thereby enhance the products, services and applications that drive the ever-evolving communications industry. As a leader in test and measurement, we truly enrich the lives of people around the world by enabling them to communicate faster and more effectively – anytime, anywhere. overview Our results 2 Spirent at a glance 4 Chairman’s statement 6 business review Chief Executive Officer’s review 8 Our key performance indicators 14 Our principal risks and uncertainties 16 Business group development and performance 18 Financial review 26 Corporate social responsibility statement 30 governance Board of directors 34 Report of the directors 36 Statement of directors’ responsibilities 40 Directors’ statement on corporate governance 41 Report on directors’ remuneration 45 financial statements Consolidated financial statements Independent auditors’ report to the members of Spirent Communications plc 53 Consolidated income statement 54 Consolidated statement of comprehensive income 55 Consolidated balance sheet 56 Consolidated cash flow statement 57 Consolidated statement of changes in equity 58 Notes to the consolidated financial statements 59 Parent Company financial statements Independent auditors’ report to the members of Spirent Communications plc 103 Parent Company balance sheet 104 Notes to the parent Company financial statements 105 Principal divisions and subsidiaries 121 other information Financial history 122 Shareholder information 124 Glossary 126 Contact details IBC Spirent Communications plc Annual Report 2010 1 OUR RESULTS “ This is an exciting time within the telecom and data communication industries with increasing investment in both proven and emerging technologies driving demand for our leading test solutions. 2010 was an excellent year for Spirent – one in which we delivered a strong performance through the execution of our strategy. Our broad test solution portfolio coupled with our global reach gives us the ability to pursue further profitable growth in 2011 and beyond.” Group revenue Group operating profit ($ million) 477.1 427.2 482.2 ($ million) 90.1 86.8 112.7 +13% 2008 2009 2010 +30% 2008 2009 2010 Adjusted basic earnings per share3 Dividend per share1 (cents) 8.96 8.86 11.62 (cents) 1.85 1.93 2.50 +31% 2008 2009 2010 +30% 2008 2009 2010 Cautionary statement regarding forward-looking statements This Annual Report 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 statements are inherently predictive and speculative and involve risk and 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 Annual Report, whether as a result of new information, future events or otherwise. 2 Spirent Communications plc Annual Report 2010 overview business review governance financial statements 2009 $ million 2010 (restated)4 Change (%) Reported Revenue 482.2 427.2 13 Operating profit 112.7 86.8 30 Profit before tax 112.2 84.9 32 Basic earnings per share (cents) 11.77 13.67 (14) Total dividend per share1 (cents) 2.50 1.93 30 Free cash flow2 82.6 86.5 (5) Adjusted Adjusted basic earnings per share3 (cents) 11.62 8.86 31 Financial highlights – Order intake growth of 17%, resulting in a book to bill ratio of 105. – Operating profit up 30% to $112.7 million on revenue up 13% to $482.2 million. – Return on sales increased to 23% from 20%. – Adjusted basic earnings per share up 31% to 11.62 cents after eliminating the impact of the change in the effective tax rate. Basic earnings per share down 14% to 11.77 cents. – Final dividend increased by 40% to 1.40 cents per share (equivalent to 0.86 pence per share). – Strong cash generation resulted in cash and cash equivalents of $223.9 million compared to $173.9 million in the previous year. – Acquisition of The Fanfare Group, Inc. for $15.0 million completed on 16 February 2011. Operational highlights – During 2010 demand for Spirent’s solutions increased as our customers invested in: – data center technologies to enable cloud computing and virtualization; – growth of Ethernet across telecom and datacom network infrastructures; – expansion in mobile internet driving exponential growth in data traffic; – new investment in global positioning technologies to modernise GPS and to upgrade other satellite navigation systems. – Spirent introduced new test solutions to address increasing customer demand: – higher speed Ethernet data test solutions on Spirent TestCenter™ to validate network performance, availability, security and scalability of cloud computing using Spirent test methodology; – wireless test solutions for the rollout of LTE networks and for higher 3G wireless network speeds; – new positioning test capabilities to serve the rapid expansion of satellite navigation and location based services. Notes 1 Dividends are determined in US dollars and paid in sterling at the exchange rate prevailing when the dividend is proposed. The final dividend proposed for 2010 of 1.40 cents per Ordinary Share is equivalent to 0.86 pence per Ordinary Share. 2 Operating cash flow after tax, net interest and net capital expenditure. 3 Adjusted basic earnings per share is based on an effective tax rate of 30.4%, being the rate applicable for 2010. See note 11 of Notes to the consolidated financial statements. 4 Restated due to the change in the Group’s reporting currency. Spirent Communications plc Annual Report 2010 3 SPIRENT AT A GLANCE Spirent is a global leader in communications test and measurement listed on the London Stock Exchange. The Group is organised into three business segments: Performance Analysis, Service Assurance and Systems. Performance Analysis provides solutions that test current and next- performance analysis generation communications technologies in Spirent puts innovation to the test. With a concentration on Ethernet, the lab. Service Assurance provides network data center (including cloud computing and virtualization), mobility monitoring and field test solutions for live and satellite positioning, as well as the applications that enrich these networks, Spirent’s Performance Analysis division facilitates device networks. Systems is a leading supplier of and network testing, from the research and development stage to the sophisticated electronic control systems for launch of communications networks and services. We push the limits electrically powered vehicles in the medical of these networks, their elements, mobile and satellite positioning mobility and industrial markets. devices and applications by allowing equipment makers and service providers to subject their offerings to lab-based functional, conformance and performance testing that simulates real-world conditions, before a commercial launch. divisional review Revenue $365.8M (2009 $316.8M) divisional focus Ethernet, data center, cloud computing, virtualization and applications Wireless devices and network infrastructure Satellite navigation and positioning technologies highlights 2010 Financial New product introductions – Revenue up 15% driven by – High performance 10G and expansion in worldwide data 40/100G Hypermetrics connectivity modules – Profit up 25% due to high – Avalanche Virtual (“Best of operating leverage on Interop”) award revenue growth – 8100 LTE device test Customer wins solutions – Huawei for HSPA+ – Wi-Fi positioning test – Nokia Siemens Networks for solution evolved packet core – NTT Communications
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