Space market offers fresh opportunities to communication products business
Filtronic, which designs and makes products for the aerospace, defence, telecoms infrastructure and space markets, has hailed strong demand in its core markets as it publishes an update for the financial year ended 31 May 2024.
The Leeds-based communications technology company says revenue and earnings before interest, taxation, depreciation and amortisation has been delivered ahead of market expectations as trading momentum continues to build.
Subject to audit, it expects to deliver FY2024 revenue of around £25.4m (FY2023: £16.3m) and adjusted EBITDA of no less than £4.8m (FY2023: £1.3m). Cash at bank on 31 May 2024 was £7.2m (30 November 2023: £4.1m).
The business says it has enjoyed a “transformational” year, after entering into a Strategic Partnership with Elon Musk’s SpaceX, as was previously reported on 24 April 2024.
Nat Edington, chief executive officer, said: “The space market continues to present significant growth potential for Filtronic.
“The recent Strategic Partnership we entered with SpaceX is exciting for all of our stakeholders.
“It gives a platform to develop the business and puts us in a stronger position to capitalise on the plentiful opportunities in the core markets we serve.
“We enter the new financial year with a very strong order book, a growing list of customers, including key strategic targets that we have secured in the year, and an opportunity pipeline that continues to grow and mature.”
Company results for the financial year ended 31 May 2024 will be released on 30 July 2024.
