Business
Trading Update & Notice of Final Results
Trading Update & Notice of Final Results.
About this update from Filtronic Plc
[{"type":"text","content":"\n\n \n20 June 2024\nFiltronic plc\n(\"Filtronic\")\n \nYEAR END TRADING UPDATE AND NOTICE OF RESULTS\n \nRevenue and profit ahead of market expectations\n \nFiltronic plc (AIM: FTC), the designer and manufacturer of products for the aerospace, defence, telecoms infrastructure and low earth orbit (\"LEO\") space markets, is pleased to provide the following trading update for the financial year ended 31 May 2024 (\"FY2024\").\n \nRevenue and earnings before interest, taxation, depreciation and amortisation (\"adjusted EBITDA\") has been delivered ahead of market expectations as trading momentum continues to build, in what has been a transformational year for the business, after entering into a Strategic Partnership with SpaceX as we previously announced on 24 April 2024.\n \nFinancial highlights\n \nTrading has been strong in H2 of the financial year and the Board, subject to audit, expects to deliver FY2024 revenue of approximately £25.4m (FY2023: £16.3m) and adjusted EBITDA of no less than £4.8m (FY2023: £1.3m). Cash at bank on 31 May 2024 was £7.2m (30 November 2023: £4.1m). Net cash (net of all lease obligations except right of use property leases) at 31 May 2024 was £5.2m (30 November 2023: £2.4m).\n \nOperational highlights\n \nThe business operations scaled significantly in H2 due to strong product demand within the core markets we serve. A key driver of this was the emerging market of low earth orbit (\"LEO\") space and in particular, sales to our lead customer, SpaceX, the market leader in this sector. We have reacted quickly in both our engineering and operational execution. Rapid product development of our innovative E-band Cerus 32 solid state power amplifier (\"SSPA\") enabled us to meet the technical performance requirements for deployment in the ground stations of the Starlink constellation. As SpaceX launch more satellites to expand their constellation, this necessitates an expansion of their ground stations to ensure high speeds and low-latency within the network. Production ramp has now reached the ongoing demand needs, and our operation is consistently delivering at these levels. We are investing in manufacturing capabilities to facilitate further growth potential and give ...