16 August 2023

Calnex Solutions plc

("Calnex", the "Company" or the "Group")

AGM Statement

Calnex Solutions plc (AIM: CLX), a leading provider of test and measurement solutions for the global telecommunications sector, provides an update on trading ahead of its Annual General Meeting ("AGM") taking place at 9am today.

While customers continue to adopt a cautious approach to investment decisions, engagement levels remain high and there are signs of optimism with regard to the pipeline for H2 FY24, although the precise timing of orders remains unclear. Indicators across the wider industry also point to a cautiously improving outlook. The Board remains confident in the delivery of results for the year in line with current market expectations.

Calnex continues to focus on expanding its business footprint, through both application focused promotions of existing products, as well as new product innovation. The Company's ability to source the components required for its products continues to improve and, whilst not yet resolved, the financial performance of the Company in FY24 is not expected to be impacted by procurement issues.

The Board remains confident that the market's structural growth drivers will continue to drive long-term growth opportunities for Calnex. These include the need to build out new mobile networks to support the transition to 5G, and ongoing data centre investment to support the demand for cloud computing and advancements in Artificial Intelligence and Virtual Reality technologies, coupled with the need to be more energy efficient.

The breadth of the Company's customer base across multiple regions, and the Group's expanding product portfolio and strong balance sheet, mean the Board looks to the future with continued confidence.

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Overview of Calnex

Calnex Solutions designs, produces and markets test and measurement instrumentation and solutions for the telecoms and cloud computing industries. Calnex's portfolio enables R&D, pre-deployment and in-service testing for network technologies and networked applications, enabling its customers to validate the performance of the critical infrastructure associated with telecoms and cloud computing networks and the applications that run on it.

To date, Calnex has secured and delivered orders in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Meta.

Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland, Stevenage, England and California in the US, supported by sales teams in China and India. Calnex has a global network of partners, providing a worldwide distribution capability.