Business
2020 Interim Results
2020 Interim Results.
About this update from Filtronic Plc
[{"type":"text","content":"\n \nRNS Number : 1235C Filtronic PLC 06 February 2020 \n\n06 February 2020\nFILTRONIC PLC\n(\"Filtronic\", the \"Company\" or the \"Group\")\n \nHALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2019\n \nFiltronic plc (AIM: FTC), the designer and manufacturer of products for the wireless telecoms and critical communications markets, announces its half year results for the six months ended 30 November 2019 (\"H1 2020\").\n \nFinancial Summary\n· Revenue of £7.5m (H1 2019: £8.9m)\n· Adjusted EBITDA¹ of £0.6m (H1 2019: £0.6m)\n· Adjusted operating profit² of £0.3m (H1 2019: £0.4m)\n· Exceptional costs of £0.8m (H1 2019: £nil)\n· Operating loss of £0.5m (H1 2019: operating profit of £0.4m)\n· Net debt (including IFRS16 lease liabilities) of £3.6m (31 May 2019: net cash of £2.5m)\n· Net cash outflow from operating activities £2.8m (H1 2019: £0.9m outflow)\n \n¹ Adjusted EBITDA is earnings before interest, taxation, depreciation, amortisation and exceptional items.\n² Adjusted operating profit is operating profit before exceptional items.\n \nHighlights\n· Successfully disposed of the Telecoms Antenna Operation for an initial consideration of $5.5m potentially increasing with a profit share in excess of mutually agreed gross profit targets.\n· Strong demand from our lead OEM customer for Orpheus product and initial demand for our next-generation Morpheus, both being deployed in 5G X-Haul applications.\n· Good progress made to onshore production of public safety products to the USA with production expected to commence in Q1 calendar year 2020.\n· Expansion programme implemented at Sedgefield to increase manufacturing capacity and production volumes of X-Haul and defence transceiver products. Machinery now embedded and optimised to improve operational efficiency.\n· New design contract wins for High-Altitude Pseudo-Satellite (HAPS) mmWave \"X-Haul\" applications and other 5G mmWave equipment markets \n \nCommenting on the outlook, Reg Gott, Chairman, said: \"The sale of the FTAO business enables us to implement an effective operating structure across a more efficient footprint and provides us with a strong...