Manufacturer’s share price jumps 33% on growing revenues

Microwave component manufacturer Filtronic saw its share price rise 33.75% on Friday after reporting that revenues and profits would be well ahead of expectations.

The Yeadon-based company, which saw its share price rise 3.38p on Friday to 13.38p, designs and manufactures customised RF, microwave and millimetre wave components and subsystems.

The manufacturer reported last week that during the fourth quarter of its current financial year, the Filtronic wireless business was ahead of previous management expectations, despite some “marginal, short-term weakness” in trading in the broadband division.

Its board said it expected total group revenue of £35m for the year ending May 2017 “with a commensurate increase to operating profit, both of which are ahead of market expectations.”

In January the company reported a return to profit after a £4.3m loss the year before in its half year results, with chairman Reg Gott saying: “We have made good progress in a relatively short period to return the business to profitability and we are encouraged with the growing opportunity pipeline.”