Telecoms tech firm Filtronic says it expects to see profits halve this financial year, but says supply chain issues have finally eased.
The NETPark firm, which also has bases in Leeds and Maryland in the US, has issued a full-year trading update, saying it expects to post revenue of £16.3m, down on last year’s £17.1m, and adjusted Ebitda of around £1.3m, less that half the 2022 figure of £2.7m. Filtronic, which designs and manufactures products for the aerospace, defence, telecoms infrastructure and critical communications markets, says the figures are in the line with market expectations, adding “positive news” that supply chain issues that have affected the business for some time, eased in the final quarter of the financial year.
It added that its opportunity pipeline continues to build, and two new contracts totalling £1m have been announced post year end. The company said: “ The FY2023 full year results are a testament to the ability of the business to operate with agility and speed during uncertain times. Having experienced component shortages in the year, which constrained revenue generation, we were able to execute a quick ramp of production once supply was restored whilst continuing to scale the business to respond to the opportunities that are emerging for mmWave RF technology.”
