Filtronic revealed that it has secured another production contract win from Elon Musk’s SpaceX valued at £6.4m. The aerospace and defence products designer said the irrevocable order is for its E-band solid state power amplifier (SSPA) modules to support the ongoing deployment of SpaceX's Starlink satellite constellation. The order is expected to be fulfilled in calendar year 2025, leading Filtronic to increase its trading outlook for that year. Filtronic shares had risen 4.6% by around 9.30am.
Nanoco has confirmed the loss of a key European customer in a commercial update. According to the supplier of materials used in infrared sensing applications, the customer’s decision reflected its own strategic priorities and was not a result of concerns with the performance of Nanoco's materials. Christopher Richards, non-executive chairman of Nanoco said the news was “obviously disappointing" and reflected the nature of high technology supply chains for consumer electronics. In early trading, Nanoco shares plunged 34%.
Longboat Energy has announced a reboot under the new name, Seascape Energy Asia PLC in a strategy update. The change reflects the firm’s repositioning following the exit from its joint venture in Norway and refocusing on Southeast Asia, specifically its ‘transformational’ projects in Malaysia. The company highlighted its plans for a farm-out of its Block 2A asset, which is expected to be finalised in the fourth quarter of 2024 and noted that it is nearing completion of negotiations for a production-sharing contract in shallow water offshore Sarawak. The rebranded oil and gas company will trade under the new ticker SEA in the future. Longboat Energy shares were 9.6% higher in early trading.
Headlines we expect on Monday
Concurrent Technologies First half results
Last time out: Revenue £12.1m, pretax profit £1.0m, cash balance £3m
