Filtronic Company Research (FTC)

Filtronic more than doubled revenue in FY25, helped by its strategic relationship with SpaceX. This dropped through to a 248% increase in adjusted EBITDA, a 342% increase in basic reported EPS and a 136% increase in net cash. The company rapidly scaled manufacturing capacity and adapted other internal functions to meet customer demand and is investing to keep its product roadmap at the forefront of high-performance RF technology. The focus for the year ahead is to diversify the customer base, complete the relocation to a new manufacturing facility and exploit the growth opportunities in the space and defence markets.