Filtronic PLC AGM Statement (5473D)
October 29 2020 - 2:00AM
UK Regulatory
TIDMFTC
RNS Number : 5473D
Filtronic PLC
29 October 2020
29 October 2020
Filtronic plc
(the "Group" or "Filtronic")
AGM Statement
Filtronic plc (AIM: FTC), the designer and manufacturer of
products for the critical communications, wireless telecoms and
defence & aerospace markets, is pleased to provide the
following update ahead of its Annual General Meeting to be held
later today.
The programme reschedules, announced in the full year results,
have now been finalised with the respective clients and
manufacturing output has reached planned customer volume
requirements. However, the reschedule delays lasted longer than
anticipated, resulting in the Group trading broadly in line against
the same period to date of the prior financial year.
Filtronic has remained fully operational throughout the Covid-19
pandemic and all office-based employees returned to the office
during the summer months. Consequently, our core engineering
developments remain on track against their respective milestone
delivery plans and positive customer feedback has been received on
the progress and quality of the developments, despite the
disruption in the macro-environment. Recent investments in
manufacturing and test capacity have also allowed more efficient
loading of factory resources and the ability to respond with
flexibility to changing customer demand.
The end markets we supply into remain reasonably robust but slow
order intake has been experienced in the public safety market as
our lead customer continues to experience in-field rollout
constraints. New business acquisition remains a challenge as
opportunities for customer engagement remain constrained and, to
address this, we have recently strengthened the sales and marketing
team and added a channel partner, Global Telecom Partners, in North
America who have presence in the north eastern US states; we are
actively working to add more channel partners to expand this
coverage to other regions of the US market. Despite these
challenges we were pleased to recently receive further engineering
development contract wins, which whilst relatively small in size,
have the potential to lead to larger revenues in the next year and
beyond.
Cash at the bank is currently GBP1.9m (31 May 2020: GBP2.0m).
The Group has in place undrawn invoice discounting facilities with
Barclays of GBP3.0m and Wells Fargo of $4.0m in addition to an
undrawn overdraft facility with Barclays of GBP0.5m.
Enquiries:
Filtronic plc Tel. 0113 220 0000 or investor.relations@filtronic.com
Richard Gibbs (Chief Executive
Officer)
Michael Tyerman (Chief Financial
Officer)
finnCap Limited Tel. 020 7220 0500
Jonny Franklin-Adams / Kate Washington (Corporate Finance)
Alice Lane / Sunila de Silva
(ECM)
Walbrook PR Limited Tel. 020 7933 8780 or filtronic@walbrookpr.com
Paul Vann/Nick Rome/Nicholas Mob. 07768 807631
Johnson
Notes:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMDDBDGSUDDGGI
(END) Dow Jones Newswires
October 29, 2020 03:00 ET (07:00 GMT)
Filtronic (LSE:FTC)
Historical Stock Chart
From Apr 2024 to May 2024
Filtronic (LSE:FTC)
Historical Stock Chart
From May 2023 to May 2024