Filtronic - Further momentum with £4.5m defence contract
Filtronic’s £4.5m contract with a UK defence supplier is its largest for more than five years and indicative of its improving momentum in the traditional defence market, on top of the exciting progress in the space sector. As the bulk of revenues from the deal will be spread across FY25 and FY26, we are not changing our estimates but believe they look increasingly well underpinned. The company’s rating is now starting to factor in an acceleration in growth and margin expansion. With continuing strong execution, we believe that it is more than capable of delivering this – demand for high-end radio frequency (RF) is growing and Filtronic has rare capabilities in the field, while incremental revenue growth should drop strongly through to margins.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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