4th Aug 2020 13:52
Filtronic PLC - Leeds-based antenna manufacturer - Swings to loss for year ended May 31 despite a rise in revenue. Hires Richard Gibbs as its new chief executive effective from September 1. Gibbs joins from Micross Components Ltd where he has been managing director since 2016. Former CEO Rob Smith resigned in October 2019. Annual pretax loss was GBP429,000 versus GBP135,000 profit the year prior. Revenue up 8.2% year-on-year to GBP17.2 million. Profitability during the fourth quarter was hurt due to the Covid-19 pandemic. Operating costs increased to GBP9.3 million from GBP7.6 million. Non-Executive Director Michael Roller to retire at the 2020 annual general meeting. Entered financial 2021 with a slightly reduced order book compared with the prior year. Remains cautious in outlook for current year. Cash of GBP2.0 million as at the end of May.
Current stock price: 8.81 pence
Year-to-date change: down 2.1%
By Ife Taiwo; [email protected]
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