Contract win and trading update
23 June 2026
Filtronic plc
("Filtronic", the "Company" or the "Group")
Contract win, trading update and notice of results
Contract win strengthens momentum as Filtronic delivers FY2026 slightly ahead of expectations on adjusted EBITDA and enters FY2027 with strong order book
Filtronic plc (AIM: FTC), the designer and manufacturer of advanced RF solutions for the space, aerospace, defence and telecoms infrastructure markets, announces a new contract win together with a Group trading update for the year ended 31 May 2026 ("FY2026").
Contract win
The Company is pleased to announce that it has secured a second contract win with a US-based customer for technology used on the satellite. The contract is valued at approximately $0.5m (£0.4m), as part of an initial development phase, to design a state-of-the-art high-frequency module. The award follows the $8.0m (£6.0m) contract announced in March 2026 with the same customer and deepens the relationship with a new technology offering for use on satellite payload, reinforcing Filtronic's growing position across the satellite communications market.
The programme supports advanced connectivity applications requiring high-performance, high-bandwidth and low latency at mmWave frequency. This design-stage engagement is a precursor to further stages in the programme and potentially leading to volume manufacture.
Revenue from this initial contract is expected to be recognised in FY2027.
Trading update
Financial highlights:
Filtronic expects to deliver adjusted EBITDA slightly ahead of market expectations and revenue in line with market expectations for FY2026, supported by robust execution across customer programmes and continued progress in broadening its customer base.
|
· |
Subject to audit, the Board expects to report revenue of at least £55.5m, and adjusted EBITDA of at least £11.1m. Cash at bank was £13.4m, with Net cash when excluding right of use property leases of £11.3m. |
Customer concentration with the Group's largest customer reduced further during the year, supported by expanding and deepening relationships across the space and defence sectors and increasing order visibility.
Operational highlights:
FY2026 marked a further step in Filtronic's transformation into a business operating at greater scale, with increasing customer diversification and enhanced operational capability, as demonstrated by:
|
· |
Expansion of Filtronic's relationship with SpaceX through the previously announced multi-year $62.5m next-generation GaN E-band contract; |
|
· |
Further contract wins across the US and European space and defence markets; |
|
· |
Completion of next-generation high power mmWave technologies; and |
|
· |
Completion of the Group's new self-funded headquarters and manufacturing facility in Sedgefield, which is now fully operational with capacity to support revenues in excess of £200m per annum. |
Confident outlook
Filtronic enters FY2027 with a strong order book, which already covers 90% of FY2027 consensus revenue. The Company has increasing visibility, including multi-year order coverage with Filtronic's primary customer, and engagement across additional major space customers and continued momentum in defence and aerospace.
The contract announced today also provides further evidence of continuing customer engagement and reinforces the Board's confidence in the opportunities ahead.
Notice of results
Results for the financial year ended 31 May 2026 will be announced on Tuesday, 4 August 2026.
Nat Edington, Chief Executive Officer, said: "The additional US contract announced today reflects the strength of our customer relationships and reinforces the expanding opportunity landscape for our specialist complex RF technologies. Alongside our recent design wins, which we believe have the potential to be transformational for the business over time, and a strong order book, we are building increasing visibility across key programmes and entering FY2027 with real momentum and confidence.
"FY2026 marked another year of strong strategic progress, with continued investment in technology, operational capability and customer diversification strengthening our foundations for long-term growth. Together, these actions are positioning the Group to capture the significant opportunities ahead and convert growing market demand into sustained value creation."
Enquiries:
|
Filtronic plc |
Tel. 01740 618800 or investor.relations@filtronic.com |
|
Nat Edington (Chief Executive Officer) |
|
|
Michael Tyerman (Chief Financial Officer) |
|
|
|
|
|
Cavendish Capital Markets Limited |
Tel. 020 7220 0500 |
|
Jonny Franklin-Adams, Isaac Hooper, Callum Davidson (Corporate Finance) |
|
|
Sunila de Silva (Corporate Broking) |
|
|
|
|
|
Berenberg (Joint broker) Tom Ballard, Mark Whitmore, Harry Nicholas, Brooke Harris-Lowing
|
Tel. 020 3207 7800 |
|
Alma Strategic Communications Caroline Forde, Hannah Campbell, Rose Docherty |
Tel. 020 3405 0205 or filtronic@almastrategic.com |
|
|
|
Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.
About Filtronic:
Filtronic is at the leading edge of advanced microelectronics globally, specialising in the design and manufacture of mission-critical communication networks. Operating from two global manufacturing sites and three engineering centres of excellence, the company delivers solutions that span the full RF spectrum. An extensive patent portfolio highlights Filtronic's ongoing drive for innovation and technological leadership.
With a track record of over 45 years', Filtronic's technology is trusted across high-performance sectors including space, aerospace, defence, telecoms infrastructure and critical communications. The company develops core IP building blocks and transforms them into highly customised solutions for high-growth target markets. Filtronic's expertise enables seamless data transmission, delivering greater bandwidth, lower latency and enhanced connectivity.
Filtronic has successfully coupled this engineering expertise with investment in state-of-the-art production equipment that enables the rapid transition of a turn-key solution from product development to full scale, high-quality manufacturing, at volume. The strategic markets of LEO space, aerospace and defence are the focus of current product development programmes, where Filtronic can add significant value, realise long term sustainable margins and deliver shareholder value.
Headquartered in Sedgefield, UK, Filtronic is listed on the AIM market of the London Stock Exchange.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund