Filtronic celebrates fourth contract in 2016

Shares in mobile phone technology firm Filtronic jumped '‹18'‹ per cent after it announced another contract win, the fourth contract award since the start of the year as the group marches on with its recovery.

By The Newsroom

Published 21st Mar 2016, 17:02 BST

Updated 22nd Mar 2016, 10:53 BST

The Leeds-based firm said the £5.5m deal is a substantial production order for its new range of integrated antennas from a major European manufacturer.

Filtronic expects fulfilment of the order will straddle the financial year ending May 31.

Analyst George O’Connor at Panmure Gordon said: “Filtronic has announced a massive £5.5m follow-on order. Revenue is partly this year and also begins to copper-bottom the 2017 out- look.

“We remind that while latest interim results were described as ‘disappointing’, as they showed only part of the effects of the restructuring and none of the upside from the revised cost base or the recent contract wins – today we see the upside loud and clear.”

The contract is a follow-on to the £2.75m and £1.4m orders received earlier this year.

Leeds