Interim Management Statement

RNS Number : 0985P

Filtronic PLC

27 September 2013

 



Filtronic plc

("Filtronic" or the "Company")

Interim Management Statement

Filtronic, the designer and manufacturer of microwave electronics products for the wireless telecoms infrastructure market, issues its Interim Management Statement for the period from 1 June 2013, ahead of today's AGM.

Trading in the first quarter has been in line with expectations.

The Wireless business has completed its major UK orders for LTE interference mitigation filters and has provided trial material to other European markets. Network upgrade activity continues to be dominated by US operators, but European enquiries are also expected to result in volume sales in the second half, in line with management expectations. 

The Company has expanded its product development capability through the establishment of an Antenna engineering team in Stockholm with an anticipated net cost of £0.7m in the year to 31 May 2014.

As previously announced, the Broadband business reduced its headcount in June 2013 and this reduction in fixed costs combined with early stage sales in the E-band market should contribute to a reduced level of losses in line with expectations.

At the end of August 2013 the Group had net cash of £5.5m, an increase of £3.6m since 31 May 2013.

There have been no other significant changes in the position of the Company over the period since 31 May 2013.

The half year results for the six months ending 30 November 2013 will be announced in January 2014.

Filtronic plc	www.filtronic.co.uk
Howard Ford, Chairman	01325 301 111
Alan Needle, CEO
Mike Brennan, CFO
Panmure Gordon (UK) Limited	020 7886 2500
Dominic Morley
Walbrook PR Limited	020 7933 8780 or [e-mail]
Helen Cresswell	07841 917 679
Paul McManus	07980 541 893

 

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