Filtronic achieves '˜tremendous progress'
Mobile phone technology firm Filtronic said it had made 'tremendous progress' over the last full year, which enabled it to achieve revenue growth.
In a trading update, Leeds-based Filtronic said: “Trading during the fourth quarter continued in line with the market guidance provided in the trading update on May 12.”
The board expects, subject to audit, to report group revenue of around £35.4m, compared with £13.6m the year before.
The Filtronic Wireless business more than tripled sales revenue in the year to £30.5m. The final quarter included a “strong recovery” of filter products revenue, with customers serving Filtronic’s two main markets; telecommunications infrastructure and public safety communications.
Rob Smith, the chief executive of Filtronic, said: “Tremendous progress was made through FY2017 that has resulted in the group achieving both profitability and cash generation. We are mindful that our revenues have historically been very concentrated and we are working hard to broaden our customer base and product range so that the business is more robust.”
Adrian Kearsey, of the broker Panmure Gordon, said the last 12 months had been a watershed for the business, with revenues increasing.