For the six months to September 30 2020, the firm reported revenue growth of 37% to £7.7 million, up from £5.7m during the same period last year. The firm also posted underlying earnings of £2.6m, a rise of 69% from £1.5m year-on-year.

The firm said that its profitability increased as a result of reduced travel and event costs as a result of the coronavirus pandemic. At the same time, fundraising and admission to the Alternative Investment Market (AIM) in October raised £22.5m for the company, with net funds of £5m.

Calnex’s outstanding debt of £1.9m was fully repaid on 6 October 2020 and the company is now debt-free. A £3m Revolving Credit Facility with Barclays is now in place, currently undrawn.

The firm also said that the expansion of its Business Development and R&D teams accelerated during the period, to support the growth of the Company’s product offering and capitalise on available opportunities.

Tommy Cook, CEO and founder of Calnex, said: “We are delighted to report on another strong period of trading, delivered in the lead up to our IPO on AIM, in which we experienced continued strong demand across all our product offerings.

“Our successful IPO, completed in early October, has provided us with the springboard to execute on our growth strategy. The strength of our relationships within the telecoms sector, breadth of customer base and established market position, provide us with a strong platform for future growth.

“We will continue to invest in business development and R&D to capitalise on the opportunities arising from the evolution of the telecoms market and look to the future with confidence.”