7th Feb 2023 14:32
Filtronic PLC - Leeds-based antenna maker - Posts revenue of GBP8.4 million for the for the six months ended November 30, up 5.0% from GBP8.0 million a year earlier. Pretax profit, however, decreases to GBP440,000 from GBP684,000, as operating profit falls to GBP483,000 from GBP721,000 a year earlier. Says a lower operating profit is due to an adverse first half sales mix, offset by "brief advantage from strong US dollar sales, and a higher cost base following investment into sales channels and engineering".
Chair Jonathan Neale says: "Global spending on aerospace & defence, telecommunications infrastructure and low earth orbit commercial space applications is increasing, underpinned by exciting technological advancements. We have also seen governments re-evaluate critical infrastructure supply with an emphasis on security and national resilience."
Declares no interim dividend. Looking ahead, Filtronic says it is dealing with continuing component shortages, inconsistent supply and delays, but that its outlook is supported by a strong order book.
Current stock price: 11.74 pence each, up 9.1% on Tuesday afternoon in London
12-month change: down 0.1%
By Xindi Wei, Alliance News reporter
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