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Strong order intake drives FY25 upgrade

Mon, 13th Jan 2025 08:01

Filtronic has announced that order intake for FY25 is higher than anticipated and, consequently, it expects to deliver stronger results for FY25 than current market expectations. We assume this is due to additional orders from SpaceX and we upgrade our FY25 revenue by 11.8%, EBITDA by 22.7% and normalised diluted EPS by 28.3%. We maintain our FY26 revenue, EBITDA and PBT forecasts while we factor in a small tax charge as we assume tax losses are exhausted during FY26.

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