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(Alliance News) - Filtronic PLC on Wednesday said it is set to deliver "significant growth" it its current financial year after a sharp fall in earnings.
The AIM-listed manufacturer of antennas, filters and mmWave products reported pretax profit of GBP135,000 for the 12 months to the end of May compared to GBP2.7 million a year ago, as revenue dipped by 26% to GBP15.9 million from GBP21.6 million.
"We have concluded a challenging year but entered the new year with optimism and excitement as we seek to capitalise on numerous opportunities with the potential to deliver significant organic growth," said Chair Reg Gott.
Filtronic said it experienced a strong demand for 5G backhaul products, with over GBP10 million of order intake for Orpheus for delivery in financial 2020. Therefore, the company said it has increased production capacity and capability at the Sedgefield, England, site to meet rising demand.
"To enable us to exploit these opportunities, we have made significant investments in both plant and machinery and further expanded our engineering team to augment capacity and capability in order to facilitate further contract wins," added Gott.
Filtronic shares were trading 3.3% higher in London on Wednesday morning at 8.36 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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