8th Jun 2015 06:38
LONDON (Alliance News) - Filtronic PLC said Monday both of its businesses traded in line with its previous guidance for the final four months of its recently ended financial year, but said it has implemented cost-saving measures which have reduced its yearly operating expenditure by around GBP2 million.
Filtronic designs and manufactures microwave products for the wireless telecoms infrastructure market.
It expects to post revenue for its wireless business of GBP10.3 million for the year to end-May, less than half the GBP23.1 million it posted in the previous year. For its broadband business it expects to post GBP7.2 million in revenue, compared to GBP9.7 million the year before.
This is in line with guidance it gave in March, when it warned that it was unlikely any of its antenna projects in development would produce "significant" revenue before the end of the year. At that time Chief Financial Officer Rob Smith took over the position of chief executive officer from Alan Needle.
Filtronic said Monday it had achieved cost savings by closing its offices in California and cutting headcount in its wireless and broadband businesses, as well as at its head office.
It will announce its full-year results on September 21.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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