Filtronic plc secures new £16.7m contract win

Filtronic plc, the designer and manufacturer of microwave electronics products for the wireless telecoms infrastructure market and adjacent markets, has secured a $24.2m (£16.7m) production order for its integrated antennas from a major European OEM.

The orders are follow-ons to the previously announced orders totalling US$13.8m.

The Yeadon-based company expects that the new orders will be fulfilled in the financial year ending 31 May 2017.

These orders are, in part, being placed to put inventory into our customer’s sales channel and therefore may not represent normal demand levels.

Filtronic has conducted an initial review of the working capital requirements to fund these orders and believes that its existing invoice discounting facilities will be sufficient. The board will continue to monitor this closely as production commences to fulfil these orders.

Rob Smith, CEO commented: “These new orders are a further sign of the market acceptance being shown for our new antenna products.

“As with any new product introduction it is difficult to predict the timing and scale of market demand. However, we are delighted with the progress made to date”.

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