AGM Statement & Notice of Interim Results

RNS Number : 2564E

Filtronic PLC

27 October 2022

 

27 October 2022

Filtronic plc

(the "Group" or "Filtronic")

AGM STATEMENT AND NOTICE OF RESULTS

Filtronic plc (AIM: FTC), the designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and critical communications markets is pleased to provide the following update ahead of its Annual General Meeting being held later today at 11.00am.

The Group's trading performance in the opening months of FY2023 is in line with internal forecasts. As anticipated, the industry-wide shortage of critical semiconductor components has continued to hamper full output during the trading period, but we expect this situation to ease as we move through calendar year 2023. With our healthy orderbook, we remain confident of delivering results for the full financial year in line with market expectations.

We remain focussed on the development of our four strategic markets of aerospace, defence, telecommunications infrastructure and space and in September we were pleased to open our Manchester engineering design office to support this. The continued investment in research and development has delivered promising results in next generation E-band and W-band chipsets which are showing promising results, and in turn increases confidence in successful execution of our technology roadmap.

Momentum is building in the rollout of 5G telecommunication infrastructure, with India the latest country to licence E-band frequencies for RF backhaul applications, where our Morpheus transceiver provides the highest power levels in the industry. Tensions in the geo-political landscape, are driving elevated defence and aerospace spending commitments associated with aircraft radar systems and battlefield communications. Our recent investment to strengthen the direct channels to market is delivering an increased level of engagement with the major defence contractors who need to maintain a sovereign design and manufacturing capability.

The opportunities for RF communications in the emerging Low Earth Orbit ("LEO") space market are developing rapidly and we continue to build strong relationships with the industry primes looking to adapt terrestrial telecommunications technology for commercial satellite applications.

Filtronic will announce its half-year results for the six months ended 30 November 2022 on 7 February 2023.

Enquiries:

Filtronic plc	Tel. [phone] or  [e-mail]
Richard Gibbs (Chief Executive Officer)
Michael Tyerman (Chief Financial Officer and Company Secretary )
finnCap Limited	Tel. [phone]
Jonny Franklin-Adams/ George Dollemore (Corporate Finance)
Alice Lane / Sunila de Silva (ECM)
Walbrook PR Limited Paul Vann/Nick Rome	Tel. [phone] or  [e-mail]

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

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