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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.

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