UK tech services firm Spirent Communications PLC (LSE:SPT) plunged 14.6% in early trading after announcing it expected to face challenges in the first half of this year.
"Since the fourth quarter of 2022 we have seen delays to some of our customers' decision making,” chief executive Eric Updyke said, adding the FTSE 250-listed provider of technology testing and assurance services expects “a more challenging first half of 2023”.
The FTSE 250-listed firm did post a 9% rise in adjusted operating profit to US$129.5mln for 2022, alongside a 5% increase in revenue to US$607.5mln, but investors seemed spooked over its wavering outlook for the new year.
Updyke reassured Spirent’s drivers “remain intact,” and that the firm was “very well placed” to deliver for customers seeking new communication tech such as 5G.
Shares fell to 180p on Tuesday morning, from 211p the night before.