Updates

Calnex

June 2021

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.

Superb full year results from Calnex with sales up 31% to £18m. As chief executive Tommy Cook told me, when the pandemic hit, R&D departments who were fearing their budgets could get cut by head office went on a spending spree, and this brought forward £800k-£1m of sales in this period. Pretax profit was up 43% to £5.1m and on a sub normal tax charge of 5% (due to tax credits and share options), eps were 5.8p.Calnex experienced strong demand across all three product types and within all regions, with strong levels of repeat demand from its existing customers. 192 customers placed orders (FY20: 177) and as Cook notes, although Spirent (SPT; 246p) does most of the selling, Calnex is involved in technical n ...

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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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