Updates

Calnex

April 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Calnex has released a trading update confirming an in-line performance for the year to end March. However, Calnex has seen lengthening of telecoms customers’ investment decisions exacerbated by the tech sector layoffs in the US - a similar experience to that reported by others in the sector, including Spirent (SPT; 173p). In the light of the statement, Cenkos reduced its sales estimate for the year starting 1 April by £6m to £24m whilst the pretax profit forecast is almost halved to £4m for eps of 3.4p. The balance sheet remains very strong with Calnex expected to have net cash of almost £19m by the year end. The shares were a Buy at 52p in November ‘20; I will drop coverage at this juncture. Take profits. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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