4th Feb 2025 10:19
(Alliance News) - Filtronic PLC on Tuesday said it swung to profit in the first half of its current financial year, driven by "strong" order intake from SpaceX.
Filtronic is a Sedgefield, England-based designer and manufacturer of products for the aerospace, defence, telecoms infrastructure, and low earth orbit space markets.
The group swung to a pretax profit of GBP6.7 million for the six months that ended November 30, from a loss of GBP517,000 last year.
This was driven by revenue in the half-year multiplying to GBP25.6 million from GBP8.5 million, as "strong order inflow from SpaceX in the period aligned with the strategic partnership agreement" initially agreed in April 2024.
Adjusted earnings before interest, tax, depreciation and amortisation rose to GBP8.7 million during the six-month period, from GBP200,000 a year prior.
Chair Jonathan Neale said: We are pleased to communicate these strong set of interim results. Robust order intake has resulted in the improved revenue and profit outlook in the second half which we communicated in market upgrades in December 2024 and January 2025.
"Investing in the business to underpin the order book has been timely and effective and we look forward to being able to communicate more about the next financial year as things develop during the second half".
Shares in Filtronic were down 2.5% at 97.00 pence in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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