Trading Statement

RNS Number : 6629J

Filtronic PLC

08 December 2008

 



Filtronic plc

Trading Update for 6 months ended 30 November 2008

Filtronic plc today provides its trading update for the 6 months ended 30 November 2008.

The Group delivered strong sales in the first six months, albeit slightly lower than the first half of the previous year. As indicated in the update of 6 November, the expectation for the second half year is for weaker trading on the back of the industry-wide slowdown in infrastructure spending while achieving cash neutrality. In addition to the benefits of earlier overhead reductions, the Group has taken determined steps to reduce costs in the face of unpredictable demand.

Disposal of the UK Defence business was completed in August. The initial consideration received was £13m although a small working capital adjustment payment of around £0.3m is likely to be made to the purchaser in the second half year.

A second special dividend of 40p per share (£29.7m) was paid to shareholders on 24 November 2008.

The cash balance at 30 November 2008 was £15.7m. 

Howard Ford has been appointed to the Board as a non-executive director as separately announced.

The interim results are scheduled for release on Monday 19 January 2009.

Contacts:

Filtronic plc

John Poulter, Chairman      01274 535610

Hemant Mardia, CEO        01325 301111

Stephen Mole, CFO          01274 535610

Parkgreen Communications Ltd

Paul McManus        020 7933 8780

                               07980 541893 (mobile)

                              [e-mail]

 

END

 

 

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