AGM Trading Update & Notice of Results

Filtronic PLC

26 October 2023

 

26 October 2023

Filtronic plc

(the "Company" or "Filtronic")

AGM STATEMENT AND NOTICE OF RESULTS

Filtronic plc (AIM: FTC), the designer and manufacturer of products for the aerospace, defence, telecoms infrastructure, space and critical communications markets is pleased to provide the following update ahead of its Annual General Meeting being held later today at 11.00 am.

Based on trading in the financial year to date, together with the outlook for the remainder of FY2024, the Company remains confident of delivering full year results in line with market expectations.

Good progress has already been made against each of the key objectives for FY2024 as set out in the outlook section of the Chief Executive's review in the full year results We were delighted with the two significant contract wins in the period in the high-growth Low Earth Orbit ("LEO") space market. The first strengthens our relationship with the global market leader for LEO Broadband connectivity and the second established an important engagement with the European Space Agency underlining the importance of Filtronic's technology in both ground station and payload applications which substantially increases the total addressable market.

Key engineering developments on our technology roadmap have been progressing well including the latest product in the Cerus power amplifier suite. The Cerus 32 solid state power amplifier ("SSPA") is capable of delivering unmatched levels of linear transmit power at E-band frequencies and we anticipate strong demand from the LEO base station market. Equally, our MMIC development at W-band is showing excellent results from the latest modelling and this will be key to enabling future terrestrial telecom backhaul solutions as spectrum fills at E-band and the operators look for additional capacity and improved performance at higher-frequencies.

With the passage of time and in order to enable the Company to attract and retain a wide pool of talent, the Remuneration Committee, having consulted with its largest shareholders who in aggregate hold a controlling interest in the Company, has agreed to increase the dilution limit attributable to share option schemes to 12.5% of the Company's issued share capital, over any rolling 10 year period.

Notice of Results

Filtronic will announce its half-year results for the six months ended 30 November 2023 on 6 February 2024.

Enquiries:

Filtronic plc	Tel. [phone] or [e-mail]
Richard Gibbs (Chief Executive Officer)
Michael Tyerman (Chief Financial Officer)
Cavendish Capital Markets Limited	Tel. [phone]
Jonny Franklin-Adams/ George Dollemore (Corporate Finance)
Sunila de Silva (ECM)
Walbrook PR Limited Paul Vann/Joe Walker	Tel. [phone] or [e-mail]

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

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