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AGM Statement

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RNS Number : 7664U
Filtronic PLC
27 November 2019
 

27 November 2019

Filtronic plc
("Filtronic" or "the Company")

ANNUAL GENERAL MEETING STATEMENT

Filtronic plc (AIM: FTC), the designer and manufacturer of antennas, filters and mmWave products for the commercial wireless telecoms, critical communications and defence electronics markets, is pleased to provide the following update ahead of its Annual General Meeting to be held later today.

Overall, trading for the first half of FY2020 is anticipated to be in line with our expectations, with encouraging activity levels in our continuing business lines. Order input levels across the portfolio of public safety, 5G backhaul and defence products have all shown improvement over the first half of the prior year.

To support the improving order book approximately £1.0m has been invested in increasing manufacturing and test capacity which also improves our capability . This is in addition to further investments in engineering resource to address new opportunities.

The recently announced settlement of a US$2.0m warranty claim will be paid in four instalments up to the end of CY2020. The first instalment has already been paid and the second will be paid at the end of November this year. The payment schedule is fully factored into our cash management planning.

The sales process of the telecoms antenna operation continues. The Board will update shareholders when appropriate.

Reg Gott
Executive Chairman

 

Enquiries:

Filtronic plc

Tel. 0113 220 0000 or [email protected]

Reg Gott (Executive Chairman)


Michael Tyerman (Finance Director)


Maura Moynihan (Company Secretary)




finnCap Ltd

Tel. 020 7220 0500

Jonny Franklin-Adams / Hannah Boros (Corporate Finance)

Alice Lane / Sunila de Silva (ECM)




Walbrook PR Limited

Tel. 020 7933 8780 or [email protected]

Nick Rome

Mob. 07748 325236

Paul Vann

Mob. 07768 807631

 

 

 

Notes:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 


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Market Cap: £22.85 m
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