Market Cap£22.5m

Last Close 10.5p

Filtronic is a designer and manufacturer of advanced RF communications products supplying a number of market sectors including mobile telecommunications infrastructure, public safety, defence and aerospace.

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Investment summary

Filtronic has announced that it has won a contract to supply pilot phase production units of radio frequency (RF) front-end modules for next generation over-the-air 5G test equipment. Filtronic’s custom designed mmWave modules enable the customer, which is a leading RF test equipment company in the United States, to extend the frequency range of its existing product offering above 50GHz. The new contract follows an $1.0m order awarded in February 2020 for the initial design and development of the RF modules. The follow-on contract of $0.8m (c £0.6m) is deliverable over a period of 18 months, with revenue predominantly recognised in FY23, and may be followed by further production orders.

Y/E May
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2020A 17.2 1.2 0.1 0.05 220.0 N/A
2021A 15.6 1.8 0.1 0.14 78.6 9.4
2022E 18.0 2.0 0.7 0.34 32.4 19.6
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Importantly, the contract demonstrates that Filtronic is making progress in its strategy of broadening its customer base and penetrating adjacent markets, thus increasing the utilisation of its specialist RF manufacturing facility.

Last updated on 26/11/2021
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Balance sheet
Forecast net cash (£m) 0.8
Forecast gearing ratio (%) N/A
Price performance
Actual (8.7) (16.0) 35.5
Relative* (5.8) (14.2) 21.0
52-week high/low 12.8p/7.5p
*% relative to local index
Key management
Howard Ford Chairman
Rob Smith CEO
Mike Brennan CFO