* Q1 pretax profit $23.6 mln vs $21.3 mln yr ago
* Revenue up 14 pct at $122.8 mln
* Says trading performance in line with own expectations
May 4 (Reuters) - Britain’s Spirent Communications reported an 11 percent rise in first-quarter pretax profit, driven by higher demand from telecom customers, and the telecoms testing firm was upbeat about its prospects for the rest of the year.
Spirent, which tests telecom devices and wireless networking equipment, also said trading performance for the quarter was in line with its expectations.
The group, which counts Cisco Systems , Alcatel Lucent and Verizon Communications as customers, said it increased investment in product development by 14 percent to $21.7 million.
As of Dec. 31, the company had cash and cash equivalents of $215.1 million.
For the quarter ended April 3, the pretax profit was $23.6 million, compared with $21.3 million a year ago. Revenue climbed 14 percent to $122.8 million.
The West Sussex-based company’s shares, which have risen about 22 percent over the past year, closed at 141.4 pence on Tuesday on the London Stock Exchange, valuing the business at $1.63 billion. (Reporting by Anirban Sen in Bangalore; Editing by Maju Samuel) (email@example.com; within UK +44 207 542 7717; outside UK +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org)