(Alliance News) - Filtronic PLC said Wednesday it has begun the process of selling its telecoms antenna business.
The firm has been undergoing a strategic review of its business and has decided to sell the unit.
In a statement, Filtronic said: "The board has concluded that a sale of this business activity is its preferred option. A sale process for this business activity is in progress and further updates will be provided as and when appropriate."
In a trading update in July, Filtronic said it anticipates suffering an annual loss following a decline in sales in its recently ended financial year.
Filtronic, which in January released figures showing a loss of GBP941,000 for the first half of its year, forecasts a GBP1.7 million operating loss for its year ended May after admitting in December there was low demand for its Massive MIMO antenna product in the US.
The company said it may be forced to issue liabilities to clients who purchased some of their antenna products in its financial year ending 2017, after being notified of faults.
Moving away from the telecoms industry, Filtronic has highlighted the defence, public safety, and aerospace markets as areas for growth.
Shares in Filtronic closed 4.6% higher in London on Wednesday at 7.90 pence each.
Filtronic (FTC)
