SPT SPIRENT COMMUNICATIONS PLC ORD 3 1/3P

SPIRENT Currency GBX Premium Equity Commercial Companies

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	290.62	302.75	307.98	264.21	257.90
Operating Profit/(Loss)	67.18	72.71	71.98	53.68	48.70
Net Interest	0.00	0.19	0.00	0.31	0.20
Profit Before Tax	68.10	73.55	71.66	52.51	49.60
Profit After Tax	50.26	56.56	50.52	56.40	74.80
Discontinued Operations
Profit After Tax	28.98	4.31	0.00	0.00	0.00
PROFIT FOR THE PERIOD	79.24	60.87	50.52	56.40	74.80
Attributable to:
Minority Interests	0.00	0.00	0.00	0.00	0.00
Equity Holders of Parent Company	79.24	60.87	50.52	56.40	74.80

Continuing EPS
Earnings per Share - Basic	7.67p	8.47p	7.52p	8.45p	10.13p
Earnings per Share - Diluted	7.64p	8.41p	7.45p	8.41p	10.06p
Earnings per Share - Adjusted	8.23p	8.31p	7.59p	5.48p	6.24p
Continuing and Discontinued EPS
Earnings per Share - Basic	12.08p	9.12p	7.52p	8.45p	10.13p
Earnings per Share - Diluted	12.04p	9.05p	7.45p	8.41p	10.06p
Earnings per Share - Adjusted	12.65p	8.96p	7.59p	5.48p	6.24p

Dividend per Share	1.94p	1.63p	1.35p	1.15p	0.50p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	20.98	22.84	18.59	14.60	18.60
Intangible Assets	127.59	79.27	71.53	69.52	77.60
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.70	1.11	2.50
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	20.73	21.88	27.21	29.19	17.30
	169.30	123.99	118.03	114.42	116.00
Current Assets
Inventories	20.92	28.06	24.02	17.38	24.20
Trade & Other Receivables	58.81	68.27	62.72	50.28	62.40
Cash at Bank & in Hand	152.94	152.18	143.00	107.55	59.70
Current Asset Investments	0.00	0.00	0.00	0.62	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	232.67	248.50	229.74	175.83	146.30

Total Assets	401.97	372.50	347.77	290.25	262.30

Liabilities
Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	-73.95	-85.00	-80.99	-63.83	-77.40
	-73.95	-85.00	-80.99	-63.83	-77.40

Net Current Assets	158.72	163.50	148.75	112.00	68.90

Non-Current Liabilities
Borrowings	0.00	0.00	0.00	0.00	0.00
Provisions	-0.37	-0.77	-1.60	-3.28	-8.20
Other Non-Current Liabilities	-22.76	-15.06	-5.17	-5.57	-5.70
	-23.13	-15.83	-6.77	-8.84	-13.90

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-97.08	-100.83	-87.76	-72.67	-91.30

Net Assets	304.89	271.67	260.01	217.58	171.00

Capital & Reserves
Share Capital	21.72	22.07	22.55	22.51	22.40
Share Premium Account	20.24	20.14	20.06	18.25	17.20
Other Reserves	25.72	25.74	24.40	25.54	29.90
Retained Earnings	237.22	203.72	193.01	151.28	101.50
Shareholders Funds	304.89	271.67	260.01	217.58	171.00

Minority Interests/Other Equity	0.00	0.00	0.00	0.00	0.00
Total Equity	304.89	271.67	260.01	217.58	171.00

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	18.31	14.19	19.47	18.61	5.81
PEG - Adjusted	-18.49	1.50	0.50	-1.53	0.08
Earnings per Share Growth - Adjusted	-0.99%	9.47%	38.58%	-12.18%	74.79%
Dividend Cover	4.24	5.10	5.63	4.77	12.48
Revenue Per Share	44.32p	45.37p	45.82p	39.61p	34.92p
Pre-Tax Profit per Share	10.39p	11.02p	10.66p	7.87p	6.72p
Operating Margin	23.26%	24.14%	22.89%	19.66%	17.91%
Return on Capital Employed	35.21%	36.58%	37.63%	34.74%	48.73%

Continuing & Discontinued Operations
Dividend Yield	1.29%	1.38%	0.91%	1.13%	1.38%
Dividend per Share Growth	19.02%	20.74%	17.39%	130.00%	n/a
Net Asset Value per Share (exc. Intangibles)	27.25p	28.97p	27.93p	21.83p	13.90p
Net Gearing	-50.16%	-56.02%	-55.00%	-49.43%	-34.91%

Data is provided by Morningstar

SPIRENT - Fundamentals