Filtronic to raise £2.1m in share placing

FILTRONIC is expecting to raise £2.1m through a share placing to help it take advantage of opportunities in the growing 4G market.

The Shipley-based designer and manufacturer of microwave electronics products for the wireless telecoms infrastructure market said the fundraising will provide additional finance for working capital purposes in line with an anticipated increase in activity in the second half of its financial year.

Alan Needle, chief executive of Filtronic said: “We are delighted by the support demonstrated by shareholders for the fundraising announced today. In line with our stated strategy of aligning with OEMs, we are seeing a pick-up in activity associated with the 4G roll out.

“This requires a greater investment to prepare for deployment. The funds raised will enable us to strengthen our working capital position to continue to pursue opportunities for both Wireless and Broadband. The board is confident about the prospects for the business.”