Filtronic PLC – Final Results

Filtronic PLC – Final Results

Filtronic plc, the designer and manufacturer of microwave electronics products for the wireless telecoms infrastructure market, announces its full year results for the 12 months ended 31 May 2018. 

Financial Highlights 

2018

2017

Sales Revenue

£24.0m

£35.4m

Earnings before interest, taxation, depreciation and amortisation

£2.5m

£2.5m

Operating profit

£1.8m

£1.7m

Profit before taxation

£1.2m

£2.2m

Basic earnings per share

0.59p

1.51p

Diluted earnings per share

0.59p

1.49p

Net cash balance as at 31 May

£3.6m

£2.6m

Cash from operating activities

£1.8m

£3.9m

Operational Highlights 

  • Secured a major development contract with a major OEM to design and supply Massive MIMO antennas; a key product in network densification using techniques that will form the basis of 5G systems.
  • Second major contract win secured in the year to supply our Tier 1 European defence customer. The contract, valued at £4.8m, is to be supplied over three years. Production rates reached full contractual requirements by the close of the year.
  • Another year of strong demand for filter products, with the main growth driven by the largest OEM supplier in the public safety communications market.
  • Approved as a vendor by a major US mobile network operator to supply 5G Evolution antennas and recently qualified by a major Mobile Network Operator in EMEA for another of our antenna products.
  • Selected by a leading OEM to supply Orpheus E-band transceivers into their new E-band backhaul radio.
  • Reorganisation of the business identified to capitalise on opportunities in 5G as we leverage our operational and engineering capabilities.

Commenting on the outlook, Reg Gott, Chairman, said: “We are pleased with the progress we have made along our strategic pathway and our focus on higher margin products and applications has further improved operating profitability over the past year. Our substantial investment in new products and technologies over the past two years has started to deliver on our objectives of broadening our customer base and expanding our product range. This remains a key strategic objective.

We are gaining increasing market recognition for our expertise in network access and mmWave engineering and we believe this positions us very well to take advantage of the huge opportunities that exist in the future development of 5G networks. Massive MIMO antennas utilise techniques that will be a key enabler of 5G and our recent contract win to engineer and supply these antennas to a major global OEM demonstrates our capability and credibility to take advantage of these opportunities as they arise.”

Annual General Meeting

The Annual General Meeting will take place at 11am on 25 October 2018 at the offices of Pinsent Masons, 1 Park Row, Leeds, LS1 5AB. 

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