Phew. These results from Spirent Communications (SPT) were bad, but no worse than the telecoms and wireless-testing provider had already flagged. In fact, management says the business stabilised in the second half of 2013, following weak trading over the preceding 18 months.
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A periodic lull in new wireless-technology launches had been exacerbated by adverse macro-economic conditions in Europe, increasing competition in the data-centre market and cautious spending by Chinese customers earlier in 2013. But new chief executive officer Eric Hutchinson expects Spirent to achieve “high single-digit organic growth” in 2014, as long as China and the Americas continue to recover and Europe doesn’t deteriorate.