Filtronic PLC (LSE:FTC), the designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and critical communications markets, has raised its full-year profits guidance.
The company said top-line growth and adjusted underlying earnings (EBITDA) are set to exceed market expectations in the year to the end of May 2022 despite the challenges of the global semiconductor shortage.
The board expects to report full-year revenue of around £17.1mln, up from £15.6mln the year before, and adjusted EBITDA of not less than £2.7mln (FY2021: £1.8mln).
Cash at the bank on 31 May 2022 was £4.0mln, up from £3.0mln at the end of November 2021. Net cash (net of all lease obligations except the right of use property leases) at 31 May 2022 was £3.1mln (30 November 2021: £2.2mln).
"Throughout the year our primary markets have all continued to show a robust post-Covid recovery and, notwithstanding ongoing disruptions caused by shortages of electronic components, we have delivered another strong set of trading results for the financial year. Top-line growth of 10% and a third consecutive year of improved adjusted EBITDA and cash generation demonstrates the core strength of the Filtronic business as we continue to make good progress in pursuit of our long-term strategic goals,” said Richard Gibbs, the chief executive officer of Filtronic.
"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,” he added.
Shares in Filtronic were up 7.2% at 9.65p in the first half-hour of trading.