Filtronic PLC
21 September 2007
Filtronic plc
Interim Management Statement
Filtronic announces its first Interim Management Statement for the period from 1
June 2007, ahead of today's AGM.
Overall, sales from continuing operations for the first quarter are ahead of the
same period last year. Internal, unaudited operating accounts indicate an
underlying operating profit for the period, with a good performance in Point to
Point, where customer demand remains strong, and satisfactory trading from
Compound Semiconductors and Defence.
The disposal projects and the restructuring of the pension scheme, in which the
company is engaged, have continued to make positive progress and remain active.
At the end of August, the net cash balance was £110.3m after settlement of the
product liability claim within Wireless Infrastructure of £5.8m and £2.0m
partial payment of the expected £5.3m of top up amounts relating to the offer of
enhanced transfer value to deferred members of the Filtronic defined benefit
pension scheme.
The Board reiterates its intent to return cash to shareholders once the
conditions for this we have set out in the report and accounts have been
fulfilled.
Looking forward, the company has received a number of one off, short term switch
wafer orders at Compound Semiconductors which will have a beneficial effect on
trading over the coming months.
There have been no other significant changes in the position of the company over
the period since the publication of its report and accounts for the year ended
31 May 2007.
Trading results for the first six months of the financial year ending 30
November 2007 will be announced in January 2008.
Contacts:
Filtronic plc
John Poulter, Chairman 01274 415 325
Charles Hindson, Chief Executive 07800 706 319 (mobile)
Filtronic website: www.filtronic.com
Parkgreen Communications Ltd 020 7479 7933
Paul McManus 07980 541 893 (mobile)
This information is provided by RNS
The company news service from the London Stock Exchange
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