Filtronic says it has entered the second half of the financial year with a record order book
The Filtronic team(Image: Filtronic)
County Durham satellite specialist Filtronic has hailed an “encouraging” start to the year despite seeing profits fall. The NETPark business – which designs and manufactures products and sub-systems for the aerospace, defence, telecoms and space and critical markets – released half year results for the six months ended November 30, showing flat revenue at £25.3m, compared to £25.6m.
Operating profit fell from £6.8m to £2.6m, while adjusted profit was £5.1m compared to £8.7m. Cash generated from operating activities was £3.4m compared to £2.1m. The company said the period saw a continued deepening of the relationships with key customers, including its largest-ever contract with SpaceX, valued at $62.5m.
It also ramped up diversification of its customer base, with new multi-year contract wins including a €7m agreement with a European space customer and a £13.4m contract with a leading European defence client, strengthening its position across space, aerospace and defence markets.
Filtronic said it had entered the second half of the financial year with a record order book, increasing customer diversification and strong engagement across its core markets. It also pointed to having around 90% of 2026 revenues covered by contracted orders, providing strong visibility into the second half of the year and beyond.
Filtronic’s headquarters at NETPark, Sedgefield(Image: Filtronic)
The board said it remains confident in meeting current market expectations for revenues and Ebitda. Based on published analyst forecasts it expects to see revenue of £55.5m, within a range of £54m to £56.9m, and Ebitda of £10.9m, within a range of £10.1m to £12.0m.
Nat Edington, chief executive officer, said: “The first half of the year demonstrated the strength of Filtronic’s positioning in markets where performance, reliability and security are mission critical. Demand across our space, aerospace and defence markets remains robust, and our focus on high-frequency RF technologies continues to differentiate us with customers operating in the most demanding environments.
“With a record order book, increasing customer diversification and the business now operating at greater scale, we have entered the second half confident of continuing our planned growth.”