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Filtronic H2 Revenues Up, Sees Higher FY22 Results, Growth Next Year; Stock Up

Shares of Filtronic Plc (FTC.L) were gaining around 11 percent in the morning trading in London after the manufacturer of aerospace, defence, telecoms infrastructure industry products Monday reported higher results for the second half, and positive forecast for fiscal 2022. The improvement was despite the challenges of the global semiconductor shortage.

In its trading update, the company said that second-half revenue growth was 10 percent year-over-year, broadly in line with market expectation. Meanwhile, a strong sales mix and tight control of overhead costs resulted in adjusted EBITDA being materially ahead of forecasts.

For fiscal 2022, the Board expects revenue of around 17.1 million pounds, up from last year's 15.6 million pounds, and adjusted EBITDA of not less than 2.7 million pounds, up from 1.8 million pounds a year ago.

Results for the financial year 2022 will be announced on August 2.

Looking further ahead, Richard Gibbs, Chief Executive Officer, said, "The delivery of key semiconductor components will remain an industry-wide challenge for the foreseeable future, but we believe we have the resources to manage the disruption to our business and we start the new financial year with a strong order book and optimism to deliver further growth next year."

In London, Filtronic shares were trading at 9.99 pence, up 10.96%.

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