Half-year revenues drop £8.8m at Filtronic

Revenues at Flitronic, the designer and manufacturer of microwave electronics products, have droppedby £8.8m in the six months to 30 November. 

The Shipley-based firm, which supplies the wireless telecoms infrastructure market and adjacent markets, this morning reported that revenues for the first half of the financial year were down to £12.8m from £21.6m in the same period last year.

Revenues at Filtronic Wireless stand at £11m, narrowing from £21.6m, and Filtronic Broadband at £1.8m, down from £2.9m.

This will result in an operating profit of £900,000, reduced from £1.8m that the firm reported in H1 2017.

Rob Smith, chief executive, said “As stated in previous announcements, sales are expected to continue to be lumpy until we further broaden our customer base and the markets we serve. However, we are pleased with order intake and new contract wins in both businesses during the period, which support our strategic development goals”.

The firm said it had strong cash generation with a net cash balance at the period end of £2.9m (FY2017: £0.7m).

Filtronic added: “Although a reduction in performance against the comparative period last year (FY2017) it is broadly in line with our expectations and reflects our projected phasing of order fulfilment across the year, but with a slightly slower than expected ramp from our recently announced defence contract wins which has pushed the first volume deliveries out of H1 and into H2.”