Filtronic PLC (LSE:FTC) shares eased to 137p this morning, a 4% slide that looks like mild profit-taking after a powerful run — the stock is still up 83% so far this year.
The market reaction came despite a bullish half-year trading update that pointed to record contract wins, a larger pipeline and confidence in meeting full-year expectations.
The RF technology group, whose components sit inside space, aerospace, defence and telecoms systems, highlighted a milestone deal with SpaceX for its next-generation E-band gallium nitride (GaN) product.
Not only is it Filtronic’s biggest contract to date, it marks the first major commercial deployment of that technology, which the company hopes will open doors across the wider space market.
Other wins included a €7 million multi-year order from a European aerospace group and a £13.4 million contract with a major defence customer. Together, they broaden the client mix and extend visibility on long-term revenue.
Filtronic is also pushing ahead with new high-frequency GaN products due to launch in 2026, and recently secured £1.2 million of funding for a powerful Ka-Band amplifier. Cash at the half-year stood at £10.5 million after funding its move to a larger site.
Chief executive Nat Edington said momentum remained strong, supported by rising demand for secure, resilient communications technology.