Filtronic (AIM: FTC)

Currency in GBP

Last close As at 26/05/2023

GBP0.13

−0.75 (−5.56%)

Market capitalisation

GBP27m

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

E-band radio links that meet 5G capacity requirements have lower latency than fibre cables of the same length. This makes private point-to-point mmWave links a more attractive solution for latency-critical applications such as automated, high-frequency, financial trading systems because transaction times are reduced, which creates a competitive advantage when trading shares. Other applications where low-latency high-capacity networks could deliver significant advantages are plant safety control systems, security monitoring and autonomous vehicle controls.

Filtronic_resized

Sector

TMT

Equity Analyst

Key Management

  • Jonathan Neale

    Chairman

  • Michael Tyerman

    CFO

  • Richard Gibbs

    CEO

Balance Sheet

Forecast net cash (£m)

1.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 8.5 (7.3) 30.8
Relative 12.7 (3.4) 31.4
52 week high/low 16.8p/9.0p

Financials

Filtronic has won a contract worth $0.8m (£0.6m) with a global provider of low latency microwave and mmWave private networks. The contract is for the design, development and manufacture of high-performance power amplifier modules which will be incorporated into next generation point-to-point microwave radios. Management expects that the revenue attributable to this contract will be recognised in FY24. The contract follows on from a £0.4m development contract for the same customer which was completed in calendar 2022.

Y/E May Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 15.6 1.8 0.1 0.14 91.1 15.1
2022A 17.1 2.8 1.5 0.53 24.1 9.8
2023E 16.6 1.3 0.1 0.13 98.1 21.1
2024E 20.7 2.1 0.9 0.41 31.1 13.1

Thematics

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Digital Marketing and Internet Media Technology Platform

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Consumer

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