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Calnex Solutions plc (AIM:CLX) designs, produces and markets test instrumentation and solutions for network synchronization and network emulation, enabling its customers to validate the performance of the critical infrastructure associated with telecoms networks. To date, Calnex has secured and delivered orders to over 600 customer sites in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Facebook.

Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland and California in the US, supported by sales teams in China and India. Calnex has a global network of partners, providing a worldwide distribution capability.

Calnex listed on AIM in October 2020, raising £22.5m


George Elliott (NE Chair)
Extensive Board level experience. Former NE Chair of Craneware, ex CFO of Wolfson Microelectronics

Tommy Cook (CEO)
FOunder of Calnex. 35+ yrs telecoms test & measurement experience

Ashleigh Greenan (CFO)
Chartered accountant with Deloitte, ex KPMG & former CFO Exova Group plc

NED’s: Ann Budge, Graeme Bissett, Margaret Rice-Jones, Stephen Davidson


P&L31 Mar 2021
31 Mar 2020
(Cost of Sales)(4,013)(3,116)
Gross profit13,96510,622
Profit before tax3,4672,981
Profit after tax
P&L31 Mar 2021
31 Mar 2020
Total Non-Current Assets8,6828,014
Cash & cash equivalents
Total Assets24,28015,105
Total Liabilities7,1238,158
Net Assets

Peer Group

  • Gamma Communications (AIM: GAMA): tech-based provider of communications services
  • Filtronic (AIM: FTC): designer & manufacturer of products for the critical communications sector
  • Concurrent Technologies (AIM:CNC): manufactures high-end embedded computer products

Major Shareholders


  • Tommy Cook – 21.0%
  • Ann Budge – 3.03%


  • BGF Investment Management Ltd – 15.0%
  • Scottish Enterprise – 8.98%
  • Otus Capital Management Ltd – 8.57%
  • Lombard Odier AM – 8.33%
  • Slater Investments Ltd – 6.24%

Macro Indicators

Frost & Sullivan (from Calnex Admission Document)

“The global market for Telecoms test and measurement equipment in 2020 for mobile networks alone has been estimated by Frost & Sullivan to be around US$1.3 billion and is forecast to exceed US$2 billion by 2024, expanding at a CAGR of 11.5 per cent. Frost & Sullivan separately estimated the global high speed Ethernet Test Equipment market to be around US$1.3 billion in 2020 and
forecast this market to grow to US$2 billion by 2024.”

Media Coverage

The Scotsman (Oct 2020): Shares begin trading in Scotland’s first stock market flotation in two years
“Shares have begun trading in Calnex Solutions, the West Lothian technology business whose investors include Hearts owner Ann Budge.”

BBC (Sep 2020): Linlithgow telecoms firm Calnex Solutions to float on stock market
“A Linlithgow firm that tests telecoms equipment for major business clients is the first Scottish company to float on the London stock market for two years.”

Broker Coverage


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