Electronics manufacturer swings back into profit

Microwave electronics manufacturer Filtronic swung into the black in the six months to the end of November after reporting an operating profit of £1.8m against a loss of £4.3m last time.

Revenue rose to £21.6m in the period, up from £4.5m, while the Yeadon manufacturer said that Filtronic Wireless sales rose to £18.7m (H1 2016: £1.9m) and Filtronic Broadband sales came in at £2.9m (H1 2016: £2.6m).

Filtronic Broadband also signed a multi-year supply agreement with a major defence contractor for transmit receive modules.

The group reported an adjusted operating profit of £1.8m (H1 2016: £4.1m loss) and had net cash of £0.8m compared with net debt of £0.3m at the end of May.

Commenting on the outlook, chairman Reg Gott said: “We have made good progress in a relatively short period to return the business to profitability and we are encouraged with the growing opportunity pipeline.”