Filtronic Share News (FTC)

(Alliance News) - AG Barr reports revenue growth and buys soft drink brands Fentimans and Frobishers, while Filtronic expects to meet market expectations despite lower interim earnings.

Here is what you need to know before the London market open:

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MARKETS

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FTSE 100: opened 1.2% higher at 10,348.74

GBP: higher at USD1.3703 (USD1.3651 at previous London equities close)

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BROKER RATINGS

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Morgan Stanley cuts Antofagasta to 'underweight' - price target 3,050 pence

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COMPANIES - FTSE 100

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AstraZeneca says the US Food & Drug Administration issued a complete response letter regarding the biologics license application for Saphnelo for subcutaneous administration in adult patients with systemic lupus erythematosus. The FDA sends complete response letters if it determines that it will not approve the application in its current form. The Cambridge, England-based pharmaceutical firm says it provided the information requested in the letter and commits to working with the FDA to progress the application as soon as possible. It says a decision from the FDA is expected in the first half of 2026. The firm notes that intravenous Saphnelo remains commercially available. Separately, AstraZeneca announces that its and Daiichi Sankyo's supplemental biologics license application for Datroway has been accepted and granted priority review by the FDA for the treatment of adult patients with unresectable or metastatic triple-negative breast cancer who are not candidates for PD-1/PD-L1 inhibitor therapy. The FDA action date for its regulatory decision is expected during the second quarter of 2026.

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Kingfisher appoints Ocado Chief Financial Officer Stephen Daintith to its board of directors as a non-executive director. The London-based home improvement products retailer notes that Daintith was previously CFO of Rolls-Royce. Daintith will succeed Jeff Carr as chair of the audit committee when Carr's nine-year term ends in 2027.

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COMPANIES - FTSE 250

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AG Barr says it delivered a "strong performance" in financial 2026 which is inline with expectations, as it buys soft drink brands Fentimans and Frobishers. The Cumbernauld, Scotland-based manufacturer of soft drinks including Irn-Bru says revenue rises around 4% to GBP437 million in the financial year to the end of January from GBP420 million. The adjusted operating margin widens to 14.7% from 13.6%, which contributes to double-digit profit growth. The firm announces the acquisitions of soft drink brands Fentimans and Frobishers Juices, which both operate in the adult soft drinks market. It says these brands will benefit from the consumer trend of reduced alcohol consumption. It buys Frobishers for GBP13 million and Fentimans for around GBP38 million. AG Barr adds that it expects financial 2027 to be "a year of building momentum". The integration of both Fentimans and Frobishers will take place during financial 2027, with associated efficiencies starting to come through in the second half of the year. "We enter [financial 2027] with good momentum in our core brands and from the introduction of exciting new products. In-line with our strategy of enhancing our organic growth with M&A, we are delighted to announce the acquisitions of Fentimans and Frobishers. The synergies associated with these acquisitions are expected to drive meaningful accretion over the medium term. Underpinning all our activity is our consistent focus on efficiency, margin and growing shareholder returns," says Chief Executive Officer Euan Sutherland.

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Wizz Air carries 5.3 million passengers in January, up 8.5% from 4.9 million a year ago. The carrier says total capacity is up 11% to 6.3 million seats from 5.7 million a year prior, while load factor for the month slips to 84.4% from 86.0%. On a 12-month rolling basis, the number of passengers carried rose 9.8% to 69.0 million from 62.9 million, while the load factor falls to 90.9% from 91.1%.

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OTHER COMPANIES

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Filtronic reports lower revenue and profit for the first half of its financial year. Revenue falls 1.3% to GBP25.3 million in the six months to the end of November from GBP25.6 million a year prior. Pretax profit is down 61% to GBP2.6 million from GBP6.7 million. The firm says financial results are in line with its expectations with "very positive momentum" in new business activity. Following "strong order levels" in the first half of the year, it says it enters the second half with a record order book, which provides "clear visibility and confidence in our strategy and sustained long-term growth". The company adds that around 90% of financial 2026 revenue is covered by contracted orders. It remains confidence in meeting current market expectations for revenue and earnings before interest, tax, depreciation and amortisation in financial 2026. The company says market expectations for the financial year ending on May 31 are for revenue of GBP55.5 million and Ebitda of GBP10.9 million. "The first half of the year demonstrated the strength of Filtronic's positioning in markets where performance, reliability and security are mission critical. Demand across our space, aerospace and defence markets remains robust, and our focus on high-frequency RF technologies continues to differentiate us with customers operating in the most demanding environments," says Chief Executive Officer Nat Edington. "With a record order book, increasing customer diversification and the business now operating at greater scale, we have entered the second half confident of continuing our planned growth."

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By Michael Hennessey, Alliance News reporter

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