Much-needed contract win for Filtronic
AN initial order has been extended into a $3.9m deal for telecoms supplier Filtronic.
The business, which manufactured microwave electronics, has received the order for its antennas from an unnamed European OEM.
The original order was worth $464,000.
This is much-needed good news for Filtronic, which had “a disappointing and unsatisfactory year” last year.
In December, TheBusinessDesk.com reported that only half of Filtronic’s proposed £1m share offer had been taken up.
This came after a torrid financial year in which sales fell by nearly half to £17.5m and pre-tax losses trebled to £11.0m.
The company had been looking to place 20.0m shares at 5p each – its shares started 2015 valued at 26p – but received valid acceptances for only 10.0m.
It previously raised £4.5m in October in a share placing that coincided with its move from London Stock Exchange’s main market to AIM.
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