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Filtronic profit slumps as consolidation in US mobile network operator market dents revenue

By BFN News | 09:01 AM | Wednesday 23 October, 2019


Filtronic reported a sharp fall in profit as revenues slipped after capital spending priorities changed for US mobile network operators following consolidation in the industry. For the 12 months ended 31 May 2019, pre-tax profit fell to £0.1m from 2.7m a year earlier and revenue declined to £15.9m from £21.6m a year earlier. 'The consolidation in the US Mobile Network Operator market changed capital spending priorities, and this resulted in a 'significant shortfall in our planned revenues for the year and triggered our decision to sell our Telecoms Antenna Operations,' the company said. 'Demand for 5G backhaul products was healthy in 2019 and has accelerated in 2020 with a succession of orders received. Currently, year to date sales plus order book for these products exceeds £10m,' the company added. At 9:01am: (LON:FTC) Filtronic PLC share price was +0.25p at 8.35p Story provided by StockMarketWire.com

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