Accelerating momentum at communications technology company
Leeds-based Filtronic, which designs and makes products for the aerospace, defence, telecoms infrastructure and space markets, has seen revenues and profits climb in its full year results for the 12 months ended 31 May 2024.
The company reports revenues of £25.4m (2023: £16.3m), pre-tax profits of £3.4m (2023: £100,000) and adjusted EBITDA of £4.9m (2023: £1.3m).
Filtronic says these results give it an excellent platform to deliver long-term sustainable growth.
Jonathan Neale, chairman, said: “Contract wins in FY2024 require us to expand the group’s engineering and manufacturing operations into our growing sales orderbook.
“At the same time as we develop our electronic communications products and technology in the low earth orbit space sector, we have ambitions to do more in the defence, aerospace and security sectors.
“These markets have very similar needs and problems of integrating high volumes of sensors and data whilst making that data available securely, quickly and at large scale to end users.
“Behind the scenes, our technology roadmaps remain robust. The underpinning engineering and manufacturing capability, that are future facing, remain the focus of our investment plans enabling us to bid confidently into high value opportunities.”
Filtronic notes it has secured a strategic partnership with Elon Musk’s SpaceX company, in addition to numerous contract wins with key target clients including BAE, QinetiQ and the European Space Agency.
The business adds its opportunity pipeline continues to grow across its core markets.
It explains scaling up its operations will be a key focus for the year ahead as the company keeps pace with the increased rate of trading.
Filtronic says it closed the year with £7.2m of cash at bank (2023: £2.6m) in addition to the availability of undrawn working capital debt facilities in the UK (£3m with Barclays).
