SPIRENT COMMUNICATIONS PLC
Trading UpdateLondon, UK – 19 July 2024: Spirent Communications plc (“Spirent” or the “Company”) (LSE: SPT), theleading provider of automated test and assurance solutions for next-generation devices and networks,
today issues the following Trading Update for the period 1 January to 30 June 2024, ahead ofannouncing its Half Year Results on 6 August 2024.
Performance in the period has been impacted by the ongoing industry-wide slowdown, coupled withsome customer hesitancy following the recently announced offer by Keysight Technologies Inc.
(“Keysight”) for the purchase of Spirent. In the second quarter we experienced delays to contract
placements as customers digested the information whilst pleasingly note no order cancellations.
We have continued to focus on delivering our product roadmaps to serve our customer needs so that
we can fully support them as they advance their own R&D investments and plans, which we expect tohappen as the broader sector recovers. In addition, we have focused on retaining our critical talent,
which is a vital part of our people strategy at this time of transition.
First half revenue of $197 million was down 12 per cent on the same period last year; the impact tooperating profit was somewhat mitigated in part by effective cost actions implemented in the last 12months. The outcome reflects some customer order delays, particularly in China where both tradecompliance challenges and softness in the economy continue. EMEA delivered good order growth in
the first half but, as a smaller part of our portfolio, it was not large enough to offset weakness in otherregions.
Whilst at an early stage, our diversification strategy is continuing to advance and deliver results, andin the first half we secured more contract wins for Financial Services assurance, automation and test.
Whilst smaller in value, they represent important progress as we develop a growing pipeline in thissegment. To underpin growth into 2025, our new Positioning product (PNT X) was released in April
and, in the period, we also introduced new Wi-Fi 7 products.
Our approach to strong financial management and focus on our balance sheet remains in place. Cashclosed at $131 million.
We expect challenging market conditions to continue in the second half, which we expect will bereflected in our near-term performance.
Commenting, Eric Updyke, Chief Executive Officer, said:“Our diversified portfolio of solutions and services, combined with our robust operating model, means
we are able to focus on delivering innovative solutions into new customer segments, whilst also
positioning our business for recovery in our more traditional segments. New logo wins for our financial
services segment in particular remain very promising and many product releases in the first half areimportant to retain our technology leadership positions.

Spirent Communications plc
Origin One, 108 High Street, Crawley, West Sussex RH10 1BD, United Kingdom
Tel +44 (0)1293 767676 | Fax +44 (0)1293 767677 | www.spirent.com
Registered in England Number 470893 | Registered at the above addressSpirent Communications plc
Trading Update

19 July 2024

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“The first half trading was impacted by the slowdown in customer spending that the sector is currently
experiencing, coupled with customer hesitancy resulting from recent takeover announcements. We
expect this to continue through the remainder of the year. We will continue to focus on advancing ourproducts, nurturing client relationships and retaining talent during this period of transition. We areworking closely with Keysight to close out the Transaction as expeditiously as possible.
“Looking forward, our confidence in 5G as an enduring growth driver remains intact. While initial 5G
Standalone (SA) launches have remained sluggish due to the complexity associated with deploying
and operating a cloud-native core network, acceleration is anticipated in 2025 as demand-side drivers
increase, especially from enterprises for private 5G.
“Core network spending, including cloud capabilities and associated high-speed Ethernet (HSE) IP coreupgrades, is also poised to increase through at least 2027 as investment cycles move beyond 5G New
Radio coverage, the long tail of global service providers progressively upgrade, and 5G Advanced
becomes standardised. This will enable a wealth of new capabilities for direct-to-device satellite
connectivity, eXtended Reality (XR) and AI, well positioned to capitalise on through our leadership inHSE test and core network test and assurance.
“Our market leading products and solutions will promote market opportunities as they open up.”
Further details of the recommended cash offer for Spirent by KeysightOn 28 March 2024, the Boards of Keysight and Spirent announced that they had reached agreementon the terms of a recommended cash offer for the entire issued ordinary share capital of Spirent (the“Transaction”). It is intended that the Transaction will be implemented by means of a scheme ofarrangement under Part 26 of the Companies Act 2006 (the “Scheme”). On 25 April 2024, Spirent
published a shareholder circular to convene the Court Meeting and the General Meeting, to approve
the Scheme. On 22 May 2024, the resolutions proposed at the Court Meeting and General Meeting inconnection with the Transaction were duly passed.
Keysight and Spirent continue to engage and work constructively with the relevant regulatory
authorities in order to satisfy all necessary regulatory conditions (per Clause 3.3.1 of the Co-operation
Agreement entered into between Keysight and Spirent) in relation to the Transaction as promptly aspracticable (and in any event, prior to the long stop date (being 29 September 2025)). Keysight andSpirent continue to expect the Scheme to become effective during the first half of Keysight's next fiscal
year, being 1 November 2024 to 30 April 2025.

Note
1. All financial results are presented before external auditor review.

– ends –Spirent Communications plc
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Enquiries
Eric Updyke, Chief Executive Officer

Spirent Communications plc +44 (0)1293 767676
E: investor.relations@spirent.com

Paula Bell, Chief Financial & Operations
OfficerJames Melville-Ross/
Humza Vanderman/Leah Dudley

DGA Group+44 (0)20 7664 5095
E: spirent@dgagroup.com

About Spirent Communications plc
Spirent Communications plc (LSE: SPT) is the leading global provider of automated test and assurance
solutions for networks, cybersecurity and positioning. The Company provides innovative products,
services and managed solutions that address the test, assurance and automation challenges of a newgeneration of technologies, including 5G, SD-WAN, Cloud, autonomous vehicles and beyond. From thelab to the real world, Spirent helps companies deliver on their promise to their customers of a newgeneration of connected devices and technologies. Further information about Spirent Communications
plc can be found at https://corporate.spirent.com/.
Spirent Communications plc Ordinary Shares are traded on the London Stock Exchange (ticker: SPT;
LEI: 213800HKCUNWP1916L38). 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 is84856M209. Spirent ADRs are quoted on the Pink OTC Markets electronic quotation service which canbe found at https://www.otcmarkets.com/marketplaces/otc-pink.
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.
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This document may contain forward-looking statements which are made in good faith and are based on current expectations
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performance and are subject to factors that could cause our actual results to differ materially from those expressed or impliedby these statements. The Company undertakes no obligation to update any forward-looking statements contained in thisdocument, whether as a result of new information, future events or otherwise.