17 August 2022

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, is pleased to provide an update on trading ahead of its Annual General Meeting ("AGM") taking place at 9am today.

Calnex has made solid progress against its strategy in the first few months of the new financial year and is confident that the Group's performance in FY23 will be in line with market expectations. The Company continues to experience high demand for its range of test and measurement solutions as it benefits from supportive market trends with the transition to 5G and growth in cloud computing and the order book remains strong.

As previously reported, the Company continues to successfully mitigate the impact of the global semiconductor shortage on its ability to manufacture and ship products, in conjunction with its partners. As with the prior year, this may cause monthly revenue to fluctuate, and the Board expects there will be an H2 weighting to the Group's trading performance.

The expansion into adjacent markets, including data centres, represents an exciting new opportunity for Calnex. The Group continues to build relationships in these verticals.

Following the acquisition of iTrinegy in April 2022, the Group is pleased to report that the integration is progressing as planned.

Calnex has recently renewed its multi-year contract with long-established partner Spirent Communications plc. This is the third renewal since the relationship was established in 2013, demonstrating the continued mutual commitment to growing the relationship for the success of both parties.

Despite wider global issues, the Company's positive trading performance and the supportive trends within the telecoms sector provide the Board with confidence in its ability to deliver on its growth strategy this year and beyond.

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Overview of Calnex

Calnex designs, produces and markets test instrumentation and solutions for network synchronization and network emulation, enabling its customers to validate the performance of the critical infrastructure associated with telecoms networks.   To date, Calnex has secured and delivered orders to over 600 customer sites in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Facebook.

Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland 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.