Filtronic Regulatory News (FTC)

29 Sep 2006 11:00

Filtronic PLC29 September 2006 Filtronic plc AGM Statement Filtronic plc is holding its AGM in Shipley, West Yorkshire today at 11:00 am. At the meeting John Poulter, Chairman, will make the following statement toshareholders: This morning, at the extraordinary general meeting held 10.00 am, the resolutionin respect of the disposal of the wireless infrastructure business was dulypassed together with the other ancillary resolutions. I would like to make the following comments on board changes. On the 31 July theCompany announced that David Rhodes, founder and Chairman of Filtronic for manyyears and latterly CEO would be retiring today. On behalf of the Board and theCompany, I would like to express our appreciation for David's uniquecontribution, from start-up to plc, and for the inspiration and commitment toFiltronic and its employees that he has demonstrated for over 25 years. It was also announced that Rhys Williams would be retiring from the Board attoday's AGM. Rhys was appointed in 1994 and served as a Non-Executive Directoruntil he took over as Chairman in January of this year. We also thank Rhys forhis contribution to the Company and wish both David and Rhys a long and happyretirement. Reg Gott and I were appointed to the Board in July and will be proposed forelection by members today. I now turn to the trading of the continuing group. Following the disposal of the Wireless Infrastructure business, the priority forthe board is to focus on developing the Compound Semiconductors, DefenceElectronics and the Point to Point activity. Underlying trading performance forCompound Semiconductors and the Point to Point activity are currently in linewith expectations. The recovery of Defence Electronics is proceeding more slowlythan anticipated. With the growth in capacity at Compound Semiconductors it is expected that therewill be substantial revenue growth in the current financial year. The Point to Point activity is currently experiencing strong growth, withvisibility of customer demand extending into the second half of the financialyear. Overall, following the disposal of the Wireless Infrastructure business, thescale of the group's activities will be substantially reduced. This will resultin operating losses pending the development and reshaping of the group, whichthe Board is addressing as its priority. END Enquiries Filtronic plc:John Poulter, Chairman Tel: 01274 530622Charles Hindson, Group Finance Director Tel: 01274 530622 / Mob: 07800 706 319 Parkgreen Communications Ltd:Paul McManus Tel: 020 7493 3716 / Mob: 07980 541 893 This information is provided by RNS The company news service from the London Stock Exchange