Filtronic PLC
14 April 2008
7am, Monday 14 April 2008
FILTRONIC PLC
INTERIM MANAGEMENT STATEMENT
Filtronic issues its Interim Management Statement for the period from 1 December
2007.
Trading in the two continuing businesses has remained satisfactory. Point to
Point continues to perform well, although at a slightly more modest level than
the first half year. Despite a more subdued performance than expected in
Defence Electronics, trading is anticipated to be at a similar level to the
first half.
The sale of the Compound Semiconductor business to RFMD was completed on 29
February 2008. Between 30 November 2007 and 29 February 2008, the Compound
Semiconductor business generated £17.1m cash inclusive of net disposal proceeds.
Agreement was reached with the trustees of the defined benefit pension scheme
that the Company would cease contribution from the end of February 2008. Scheme
assets were liquidated and the Company made an additional cash contribution to
the scheme to enable the purchase of annuities with an insurance company to meet
the obligation for benefits accrued to the end of February 2008. The trustees
are now proceeding with the scheme wind up. Going forward the Company is
providing employees with a defined contribution pension scheme.
At the end of March 2008, the Company held £114m of cash after receipt of the
net proceeds from the sale of Compound Semiconductors and after the
contribution to the defined benefit pension scheme.
The Company's shareholders in an Extraordinary General Meeting held on 28 March
2008 gave approval to the cancellation of the share premium account and capital
redemption reserve. Subject to receiving Court approval, the Board will review
the quantum of cash to be distributed to shareholders as a special dividend as
outlined in the General Meeting circular. It is intended that this distribution
will take place by 31 May 2008.
There have been no other significant changes in the position of the company over
the period since the publication of its half yearly financial report for the six
months ended 30 November 2007.
Preliminary results for the financial year ending 31 May 2008 will be announced
in July 2008.
Enquiries
Filtronic plc
John Poulter, Chairman Tel: 01274 535 610
Charles Hindson, Chief Executive Mob: 07800 706 319
Parkgreen Communications Ltd Tel: 020 7479 7933
Ben Knowles Mob: 07900 346 978
ben.knowles@parkgreenmedia.com
This information is provided by RNS
The company news service from the London Stock Exchange
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