Calnex Solutions has posted a double-digit increase in revenues and profits despite "constant worries" about global shortgages of semiconductors that are vital to its telecoms testing equipment.

The Linlithgow-based company saw a 23 per cent increase in revenues to £22 million during the year to the end of March, with adjusted pre-tax profits up 18% at £6m. Calnex has also started the new year with record levels of orders on its books.

Founder and chief executive Tommy Cook said the company has worked hard with its long-time supplier, Kelvinside Electronics of Kilsyth, to filter out dodgy components that are making their way into the market as manufacturers grow increasingly desperate for supplies. Customers have also been "empathetic" about longer lead times on deliveries.

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“It is with great pride that we are presenting such a strong set of results for Calnex, in what has been a complicated year," Mr Cook said.

“To deliver record performance, exceeding market expectations, whilst dealing with the effects of a global pandemic and global semiconductor component shortages, is truly exceptional. The strength and quality of the Calnex team and the relationships we hold has never been more apparent."

Demand continues to be feulled by the industry-wide switch to 5G telephone networks, and the increasing predominance of cloud computing. Calnex has proposed a final dividend of 0.56p, making a total payment of 0.84p per share for the full year.