AGM Statement

RNS Number : 7664U

Filtronic PLC

27 November 2019

 

27 November 2019

Filtronic plc
("Filtronic" or "the Company")

ANNUAL GENERAL MEETING STATEMENT

Filtronic plc (AIM: FTC), the designer and manufacturer of antennas, filters and mmWave products for the commercial wireless telecoms, critical communications and defence electronics markets, is pleased to provide the following update ahead of its Annual General Meeting to be held later today.

Overall, trading for the first half of FY2020 is anticipated to be in line with our expectations, with encouraging activity levels in our continuing business lines. Order input levels across the portfolio of public safety, 5G backhaul and defence products have all shown improvement over the first half of the prior year.

To support the improving order book approximately £1.0m has been invested in increasing manufacturing and test capacity which also improves our capability . This is in addition to further investments in engineering resource to address new opportunities.

The recently announced settlement of a US$2.0m warranty claim will be paid in four instalments up to the end of CY2020. The first instalment has already been paid and the second will be paid at the end of November this year. The payment schedule is fully factored into our cash management planning.

The sales process of the telecoms antenna operation continues. The Board will update shareholders when appropriate.

Reg Gott
Executive Chairman

Enquiries:

Filtronic plc	Tel. [phone] or [e-mail]
Reg Gott (Executive Chairman)
Michael Tyerman (Finance Director)
Maura Moynihan (Company Secretary)
finnCap Ltd	Tel. [phone]
Jonny Franklin-Adams / Hannah Boros (Corporate Finance)
Alice Lane / Sunila de Silva (ECM)
Walbrook PR Limited	Tel. [phone] or [e-mail]
Nick Rome	Mob. [phone]
Paul Vann	Mob. [phone]

Notes:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 

END

 

 

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