Spirent spirals down 18 per cent

NEWS Shares in UK network equipment outfit Spirent fell 18 per cent yesterday following a warning about forecast sales for the second half of the year. The company blamed the sickly state of the telecoms market for a likely second half slump, but stressed the need to be open with shareholders about any problems. A restructuring programme is underway. For the first six months of the year ended 30 June, Spirent reported a pre-tax loss of £242.8m, although revenues increased over the period from £316m to £459m. Comments by Spirent's chief executive that the company is taking a conservative approach bring comparisons with Marconi, the telecoms equipment vendor that announced lay-offs and poor results despite remaining upbeat at the start of the year.