Filtronic Regulatory News (FTC)

19 Sep 2008 11:00



19 September 2008

Interim Management Statement

Filtronic issues its Interim Management Statement for the period from 1 June 2008, ahead of today's AGM.

Trading, based on the continuing Point to Point business, in the first quarter has been usefully ahead of the equivalent period last year.

The sale of the Defence Electronics business to Teledyne was completed on 15 August 2008 and gross proceeds of £13m received.

The wind up of the defined benefit pension scheme is anticipated to be complete by the end of the calendar year with an anticipated cash requirement of £1m.

At the end of August 2008, the Company had £46.9m in cash after receipt of the proceeds of the sale of Defence Electronics and £2m for the buyout of an option agreement in Australia relating to an operation discontinued in 2005.

Hemant Mardia is appointed Chief Executive after the Board changes announced in the preliminary statement. I should like to reiterate the Board's thanks to Charles Hindson and the other retiring directors for their contribution particularly over the last two years of reorganisation.

The Company is considering declaring a second special dividend of 40p per share with a target payment date of the end of October. Thereafter, the Board intends to declare bi-annual dividends starting with an interim in January 2009. 

There have been no other significant changes in the position of the company over the period since the publication of its annual report for the year ended 31 May 2008.

The half year financial report for the six months ended 30 November 2008 will be announced in January 2009.