Shares have Filtronic plc (LSE:FTC) have taken off after the announcement of a significant contract with SpaceX, valued at $20.9 million. The deal will be fulfilled over the next two years and has led the company’s projected revenues and profits to surpass current market expectations.
Shares in the company surged 13.21% on the news, reaching a 52-week high.
The UK-based company designs and manufactures high-performance radio frequency solutions for aerospace, defence, space, and telecoms infrastructure markets.
The company has won a series of contracts from SpaceX, helping Filtronic’s revenues jump to £25.6m in their first half period.
The company’s CEO, Nat Edington, said this contract was important, saying, “We are delighted to have secured this substantial order, which underscores Filtronic’s reputation for delivering high-performance RF solutions to our market-leading customer.” He added, “This contract, alongside our growing momentum in strategic markets, provides us with increased confidence in our ability to exceed our growth targets for FY2025 and FY2026”.
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