AGM Statement

30 Sep 2005 07:03

Filtronic PLC30 September 2005 For release 7:00 am 30 September 2005 FILTRONIC PLC Chairman's AGM Statement Filtronic plc ("Filtronic"), a leading global designer and manufacturer ofcustomised microwave electronic subsystems for the wireless telecommunicationsand defence industries, will hold its AGM in Shipley, West Yorkshire today at11:00 am. At the meeting Professor David Rhodes, Chairman, intends to make the followingstatement to shareholders: "At last year's AGM, I announced the Board's intention to dispose of the HandsetProducts business with the primary objective of repaying long term debt, whichhas been a burden to Filtronic in a period of market recovery. I am pleased toadvise that the disposal was completed on 8 September for an initialconsideration of €67 million (approximately £46.6m, or approximately $82.8m)and, in consequence, we have repaid the long term debt of £44m. Since the end of the last financial year we have decided to discontinue aloss-making Wireless Infrastructure operation in Australia and to restructureour sales approach in merchant semiconductors, closing a sales office in the US.These decisions were implemented in the first quarter and the costs will beborne in the current half-year. Underlying trading performance is in line withexpectations and the results for this half-year will include the full impact ofclosure and restructuring costs of around £1 million. The anticipated performance for the full financial year to 31 May 2006 remainsin line with expectations including absorbing the closure and restructuringcosts borne in the first half-year. In the preliminary announcement of 1 August 2005, I also indicated theimportance to Filtronic of achieving an aggressive ramp-up in semiconductoroutput from the Newton Aycliffe foundry in Integrated Products to service demandfor handset switches from our major customer, RF Micro Devices. I am pleased toreport that we are in line with our plan, with a greater than six-fold increasein wafer output (to over 230 wafers a week) over the last six months." For further information, please contact: Filtronic plc Professor David Rhodes, Chairman 07850 827 280 (mobile)Professor John Roulston, Group CEO 07800 706 318 (mobile)Charles Hindson, Group Finance Director 07800 706 319 (mobile) Filtronic website: www.filtronic.com Binns & Co PR LtdPeter Binns 020 7786 9600 / 07768 392 582Ben Knowles 020 7786 9600 This information is provided by RNS The company news service from the London Stock Exchange