Filtronic - Diversification drives growing pipeline
Filtronic’s year-end trading update confirms that FY23 results are tracking in line with expectations, with supply constraints easing in the final quarter. Encouragingly, management’s investment in product development and sales and marketing now appears to be translating into a growing opportunity pipeline, particularly in the low Earth orbit (LEO) satellite space. We maintain our FY24 estimates, which call for a bounce back in growth (to 27%), while the growing pipeline and order book provide encouraging signs for further growth and margin expansion further out.Filtronic designs and manufactures customized radio frequency (RF), microwave and millimeter-wave components and subsystems. Co. operates two business segments: Filtronic Wireless, which designs and manufactures RF filters, microwave subsystems, and ultra wide band antennas for the mobile telecommunications industry; and Filtronic Broadband, which designs and manufactures millimeter-wave products as well as provides build to print manufacturing and testing services for microwave and millimeter-wave products. The product range for the Filtronic Broadband segment includes transceiver modules and multi-chip, surface mountable transceiver packages at microwave, E-band and V-band frequencies.
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