Filtronic Regulatory News (FTC)

27 April 2020

FILTRONIC PLC

COVID-19 IMPACT UPDATE

Filtronic plc (AIM: FTC), the designer and manufacturer of products for the wireless telecoms and critical communications markets, provides the following update in relation to Covid-19 and its CEO search.

Covid-19

The health, safety, and welfare of our employees and our broader stakeholder group continue to be our first priority. The majority of our office staff have been working from home for a month now and this is working well. Our principal IT systems have long been cloud based and the nature of our work requires us to have robust and very secure IT systems.

Our manufacturing and support operations are fully committed to meeting our customer needs and our staff in these functions are continuing to work normal hours, albeit with various measures taken to enable required social distancing. We have made substantial changes to workplace layouts, staff movement patterns, hygiene procedures, protection and proximity measures.

As one would expect in the current circumstances, our supply chain is a key concern. Although we are addressing some areas of concern, we do not foresee any critical shortages at this time. Our customer base remains positive and to date we have not been advised of any anticipated programme curtailments or deferrals.

To this end our Covid-19 Business Continuity Team continues to meet regularly to review government information and guidance updates and to adapt our protection and mitigation compliance measures accordingly.

CEO Search

The consequences of Covid-19 have however delayed our process to secure a new CEO and we do not now expect a new CEO to join us until beyond Q1 of our new business year, which commences in June 2020. Reg Gott will continue to serve as Executive Chairman until a new CEO arrives.

Commenting on the outlook, Reg Gott, Chairman, said:

"Although the measures we have taken to protect our staff and the business as a whole are somewhat disruptive to efficient operations, we enjoy the support of a great team of staff committed to meeting customer deliveries. We look forward to updating shareholders on our trading performance post our full year ending 31 May 2020."

Enquiries

Notes: 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.