Filtronic reports significant drop in revenue following “a very difficult two years”

Following a period of restructuring, Filtronic plc, the designer and manufacturer of microwave electronics products for the wireless telecoms infrastructure market and adjacent markets, has posted a significant drop in overall sales.

The Yeadon-headquartered firm has reported sales of £4.5m for the half year results ending 30 November 2015, which is down from £7.3m.

Filtronic, which has its broadband arm in Sedgefield, County Durham, saw wireless sales drop to £1.9m, and broadband sales fall to £2.6m.

In addition, during these six months the company posted a pre-tax profit of £4.27m, down from £5.32m.

However, Filtronic may already be turning business around as it just secured a$1.9m contract from a major US multinational company.

Rob Smith, CEO of Filtronic, said: “After a very difficult two years, we have significantly restructured and redefined the strategies of our business units. The recently announced contract wins give us confidence that we are now gaining traction and moving forwards in a positive direction.

“We have taken a substantial amount of cost out of the business and are focused on growing product sales that can deliver acceptable and sustainable margins.

“Whilst there is still much work to be done, we believe that the strategic repositioning of both Broadband and Wireless will start to deliver improved operating results over the coming months and into the following years.”

Reg Gott, Chairman, added: “Having undertaken an extensive restructuring and refinancing of the business during the course of the year, and having recently received significant milestone orders for our new product solutions, we are now much better positioned to return the company to profitability.”

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