Resilient markets provide optimistic picture for communications tech company
Leeds-based communications technology firm, Filtronic, says supply chain problems have eased while its opportunity pipeline continues to build, in its trading update for the financial year ended 31 May 2023.
Trading in the second half of the financial year was in line with market expectations for both revenue and adjusted EBITDA.
Subject to audit, the firm’s board expects to report FY2023 revenue of around £16.3m (FY2022: £17.1m) and adjusted EBITDA of about £1.3m (FY2022: £2.7m).
Richard Gibbs, chief executive officer, said: “Throughout the year our primary markets have remained robust, and we enter the new financial year with a strong order book, a significant number of promising development programmes and opportunity pipeline that has doubled during the course of the last year.
“Notwithstanding the disruptions caused by shortages of electronic components, we believe we are continuing to make the right investments in the business to capitalise on the exciting near-term opportunities in our core markets.
“We have been encouraged by the closing of two new telecoms infrastructure contracts early in our new trading year and will look to build further momentum as the year progresses.”
Filtronic, which designs and makes products for the aerospace, defence, telecoms infrastructure and critical communications markets, notes demand for telecommunication infrastructure products increased steadily throughout the year.
It points out that the opening of the newly licenced Indian market gas offset the abrupt closure of the Russian 5G rollout last year.
The company adds the Ukraine war and increased geopolitical tensions increased the focus on the aerospace and defence market during the trading period and it has secured follow-on orders for development programme wins registered in the prior year.
It also states that increased business development and marketing activities are starting to yield positive results, with several development contract wins from influential players in the electronic warfare market.
