Plus   Neg

Filtronic Expects Higher Adj. EBITDA, Revenues In FY20; Says Cautious On Outlook; Stock Dips

Filtronic plc (FTC.L), a manufacturer of antennas, filters and mmWave products, Tuesday said it expects to report fiscal 2020 adjusted earnings before interest, taxation, depreciation, amortisation and exceptional items or EBITDA of 1.2 million pounds, higher than last year's 0.7 million pounds.

Adjusted operating profit is estimated to be approximately 0.4 million pounds, up from 0.2 million pounds a year ago.

Revenue for the year is now expected to be around 17.2 million pounds, a growth of 8 percent from prior year's 15.9 million pounds.

In its trading update for the financial year ended May 31, the company noted that trading during the second half of the year was broadly in line with market guidance despite some Covid-19 related disruption in the final quarter.

According to the company, a strong order book entering the second half of the financial year sustained the business during the Covid-19 crisis.

Looking ahead, the company said there is considerable uncertainty in both the environment and its operating markets.

The company is cautious on the outlook for the year ahead, and consequently, not giving guidance for the expected performance.

The company is scheduled to release its Preliminary Results on August 4.

In London, Filtronic shares were trading at 8 pence, down 3.03 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. is recalling certain Ranger and General Utility, as well as All-Terrain vehicles citing risks of crash, the U.S. Consumer Product Safety Commission said in a statement. The Medina, Minnesota-based company has called back about 26,730 units of Model Year 2019 - 2020 Ranger XP 1000 & Model Year 2020 General XP 1000 Utility vehicles. Gilead Sciences Inc. (GILD) said Friday that the European Commission has granted conditional marketing authorization for Veklury or remdesivir as a treatment for SARS-CoV-2 infection, the virus that causes COVID-19. FedEx is asking NFL team Washington Redskins to change its name for its racist connotations. The delivery services company, which is a major sponsor for the team, made the suggestion following increasing pressure from its investors amid the ongoing protests against racial injustice and inequality that arose from the killing of African-American George Floyd.
Follow RTT