Calnex shares plummet as global demand slows

The Linlithgow-based company, which makes a range of technologies for testing network equipment, said it was making “good progress” in developing its business. The integration of iTrinegy, which was acquired in a £3.5million deal last year, is said to have gone well.

Although the company expects a strong performance for the year ended March 31, it added that many global device makers have recently reported an overall slowdown in demand for their products and services. As a result, some are “taking a more cautious approach” to investment decisions.

READ MORE: Calnex says trust is still intact despite disruptions

“While these customers remain committed to delivering projects that rely on Calnex’s testing tools and solutions, the timing of these orders is less certain and market-related delays are likely to impact the Group’s performance [the coming financial year]’ Calnex said.

“Based on near-term order backlog, the Board believes FY24 financial performance will be below FY23 with a heavier weighting to the Company’s revenues [second half] of fiscal year 24.”

At midday, Calnex shares were trading 51.5p lower at 119.5p, down more than 30 per cent.