Last checked at 20 Oct 2021 07:00
20 October 2021
Filtronic plc
(the "Company" or "Filtronic")
NEW CONTRACT WIN
Filtronic plc (AIM: FTC), the designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and critical communications markets, is pleased to announce a significant new contract win, for pilot phase production units following a successful product development of over-the-air 5G mmWave modules for the test equipment market. The new contract, valued at $0.8m (approximately £0.6m), is of strategic importance as it fulfils the objective of broadening the customer base and it addresses an adjacent market we have been actively targeting for growth.
The contract, from a leading RF test equipment company in the USA, provides order cover for an initial build of RF front-end modules for their next generation over-the-air 5G test equipment. The product will extend the frequency range of the customer's existing product offering above 50GHz by employing Filtronic's extensive mmWave specific design and manufacturing know-how.
This pilot phase order is deliverable over a period of 18 months, with revenue predominantly recognised in FY2023. The new contract follows an initial $1.0m development order for the original design and development of the modules awarded in February 2020.
Richard Gibbs, Chief Executive Officer, commented: "We are delighted to have been chosen to deliver these technically challenging products, to a client who meets our strategic objective of broadening the customer base and the markets we serve, after the completion of a successful design and development phase. We now look forward to the challenge of delivering this pilot phase over the next 18 months to ensure we can secure future production orders. It is another tremendous endorsement of our engineering and manufacturing capability and establishes our position as a leading global player in the emerging mmWave equipment market".
Enquiries:
Filtronic plc | Tel. 0113 220 0000 or investor.relations@filtronic.com |
Richard Gibbs (Chief Executive Officer) |
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Michael Tyerman (Chief Financial Officer) |
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finnCap Limited | Tel. 020 7220 0500 |
Jonny Franklin-Adams/Tim Harper (Corporate Finance) | |
Alice Lane / Sunila de Silva (ECM) |
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Walbrook PR Limited | Tel. 020 7933 8780 or filtronic@walbrookpr.com |
Paul Vann | Mob. 07768 807 631 |
Notes:
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.