AGM Trading Update & Notice of Results

Filtronic PLC

31 October 2024

 

31 October 2024

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, space and telecoms infrastructure markets is pleased to provide the following update ahead of its Annual General Meeting being held later today at 11.00am.

Manufacturing output has reached planned customer volume and quality requirements following strong order flow from SpaceX in H1 FY2025. The cadence of orders we enjoyed was to support new gateway link rollouts, in line with the growth of the Starlink constellation, and to retrofit the existing gateway links in the field with E-band Solid State Power Amplifiers ("SSPA") to increase bandwidth and lower latency in the system. Consequently, we anticipate H1 to be stronger than H2, as the retrofit completes, and we revert back to supporting the extension of the network. This gives confidence of delivering results for the full year in line with market expectations.

To enable this, we added another production line in July 2024, and we expect to add another line in November 2024 to provide further capacity to ensure we can capitalise on other market opportunities as they are presented.

Engineering developments on our technology roadmap have been progressing well. We recently launched our W-band SSPA at the European Microwave exhibition whilst the development of our Gallium Nitride V-band chipsets have delivered a very encouraging set of results. These chips will be key to transceiver and SSPA product development at this frequency, with a strong inflow of market interest in the SSPA which has application in the space market where it is highly likely to be a widely adopted frequency band by key players for communication links. We have enjoyed recent success in recruitment of engineers into our team as we have exciting work for talented people. This is key to unlocking growth potential in the business to service the technology roadmap, opportunity pipeline and customer developments. This has enabled us to run multiple projects in parallel including the developments for the European Space Agency, QinetiQ and BAE.

We are in advanced discussions for some further contracts in the space and aerospace and defence market which we hope to provide updates on soon, and have enjoyed some smaller development contract wins in recent months. Of particular note are a couple of contract wins in the space market utilising our recent investment in plastic encapsulation machinery. Encouraged to purchase by our lead defence customer for sovereign capability, we are now seeing wider interest in the technology offering throughout our core markets.

Filtronic will announce its half-year results for the six months ended 30 November 2024 on 4 February 2025.

Enquiries:

Filtronic plc	Tel. [phone] or [e-mail]
Nat Edington (Chief Executive Officer)
Michael Tyerman (Chief Financial Officer and Company Secretary)
Cavendish Capital Markets Limited	Tel. [phone]
Jonny Franklin-Adams/ Trisyia Jamaludin (Corporate Finance)
Sunila de Silva (ECM)
Walbrook PR Limited Nick Rome/Joe Walker	Tel. [phone] or [e-mail]

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

 

END