Sedgefield-based communications specialist Filtronic has reported a near tenfold increase in pre-tax profits for the year to May 31, reporting £1.9m compared to 2021’s £0.2m. The company’s full-year results also featured increased revenues of £17.1m against 2021’s £15.6m.
Filtronic added that it has achieved these results despite the challenges presented by the global shoertage of semiconductors, and has ensured continuity of supply to its customers. Chairman Jonathan Neale also noted that with the ongoing rollout of 5G and a healthy balance sheet, he expects to see the company’s growth continue.
He said: “The group’s trading performance strengthens the balance sheet and provides a platform to further develop the business with continued investment in R&D, new product development and process capability. With the growing opportunity pipeline and order book, we anticipate further revenue growth, particularly as 5G telecommunication infrastructure rollouts gather pace, although the quality of earnings may be impacted due to price sensitivities in this market.”
Filtronic has recently won several contracts, including a £500,000 contract to supply a UK defence customer with RF testing equipment in July. The same month also saw Filtronic sign up to the newly created North East Material Electronics cluster group (pictured).
