Filtronic Company Research (FTC)

Filtronic’s H126 results reflected stable revenues and the ongoing investment in manufacturing, engineering and business development. The company has started H226 with a record order book and efforts to diversify the business are paying off. Filtronic is working with five companies in the space market and has a growing pipeline of business in the defence sector. We maintain our revenue and EBITDA forecasts for FY26 and FY27, with a small revenue decline this year reflecting the phasing of the largest customer’s orders before a return to growth in FY27 as new customers make more material contributions.