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%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration announced the intended availability of base powder to make around 6 million bottles of specialty formula from Mexico as part of its efforts to meet the nationwide supply shortage caused by Abbott Nutrition recall. Reckitt Nutrition/Mead Johnson Nutrition will send an initial shipment of 331 thousand pounds of base powder for PurAmino Hypoallergenic Formula. Shares of Deutsche Telekom AG were gaining more than 1 percent in the morning trading in Germany after the telecom major on Thursday raised its fiscal 2022 earnings outlook again, despite reporting lower profit in its second quarter. Adjusted EBITDA AL, a key earnings metric, increased, while adjusted EBITDA AL margin dropped. Lyons Magnus LLC has expanded its initial recall of nutritional and beverage products to include additional brands and code dates, the U.S. Food and Drug Administration announced. The products were recalled due to the potential for microbial contamination, including from the organisms Cronobacter sakazakii and Clostridium botulinum.
Follow RTT