Filtronic PLC - Sedgefield, England-based designer and manufacturer of products and sub-systems for the aerospace, defence, telecoms infrastructure, space, and critical communications markets - Inks new contract with Qinetiq Group PLC, a global defence and security company. Says that phase one of the contract is valued at GBP2.0 million, with revenue expected to be recognised over the next two years. It is for the development of a radio-frequency subsystem to be installed into a range radar solution, which can then be deployed either as a vehicle mounted land system or a helicopter mounted mobile solution.
Chief Executive Officer Richard Gibbs says: "We are delighted to be selected as the preferred partner on this project to provide an RF subsystem for the upgrade of an established range radar system. Winning this contract with a multinational, world-class defence technology company such as QinetiQ, is an important strategic development as we add a target client to our customer register and broaden the customer base. We look forward to working with our new customer to develop the product, deliver the final solution and build further on the relationship."
Current stock price: 21.80 pence, up 3.8% in London on Monday morning
12-month change: up 71%
By Holly Beveridge, Alliance News reporter
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