20th Jun 2024 15:57
(Alliance News) - Filtronic PLC on Thursday said revenue and profit was ahead of market expectations in the second half.
The Sedgefield, England-based company is a designer and manufacturer of products for the aerospace, defence, telecoms infrastructure, and low earth orbit space markets.
For the second half that ended May 31, the company expects to report revenue of approximately GBP25.4 million, up 56% from GBP16.3 million the previous year.
Adjusted earnings before interest, taxes, depreciation, and amortisation of no less than GBP4.8 million is anticipated, up from GBP1.3 million.
At May 31, cash at bank stood at GBP7.2 million, up 76% from GBP4.1 million. Meanwhile, net cash doubled to GBP5.2 million from GBP2.4 million.
During the second half, the company said business operations scaled significantly due to strong product demand in key markets, with low earth orbit as a lead driver.
A deal with Space Exploration Technologies Corp for Filtronic's E-band Cerus 32 solid state power amplifier will see production increase, and so the company is investing to expand manufacturing capabilities.
Chief Executive Officer Nat Edington said: "We enter the new financial year with a very strong order book, a growing list of customers, including key strategic targets that we have secured in the year, and an opportunity pipeline that continues to grow and mature."
Filtronic shares were down 3.5% to 70.00 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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