Financial highlights
Group revenue increased 16% to $221.0 million (H1 2013: $190.4 million); acquisitions in 2014 contributed $4.1 million.
Underlying book to bill ratio of 104 (H1 2013: 110). Reported book to bill ratio of 98 distorted by delayed Service Assurance field test orders of $12.0 million from 2013.
Adjusted operating profit of $20.6 million (H1 2013: $18.2 million), after additional investment of $10.5 million in product development and in sales and marketing. Reported operating profit was $13.9 million (H1 2013: $14.5 million).
Adjusted basic earnings per share rose 23% to 2.50 cents (H1 2013: 2.03 cents). Basic earnings per share was 1.72 cents (H1 2013: 2.07 cents).
Free cash generation of $19.1 million (H1 2013: $26.7 million).
Closing cash was $168.4 million at 30 June 2014 (31 December 2013: $216.2 million) after acquisitions and $28.7 million of share buybacks and dividends paid in the first half-year.
Interim dividend increased by 10% to 1.68 cents per Ordinary Share (equivalent to 0.99 pence per Ordinary Share).
Two acquisitions completed in the first half for a total cash consideration of $39.3 million. In addition, Spirent announced the acquisition of the assets of Radvision's Technology Business Unit on 2 July 2014 for a cash consideration of $25.0 million.
