Filtronic (AIM: FTC)

Last close As at 26/02/2024


1.00 (2.56%)

Market capitalisation


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

While it continues to serve customers in its established markets (5G backhaul, defence and aerospace and public safety networks), Filtronic is seeing increasing demand for its transceiver modules in new applications such as LEO satellite communications, low latency banking networks, 5G test equipment and quantum computing.

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Equity Analyst

Key Management

  • Jonathan Neale


  • Michael Tyerman


  • Richard Gibbs


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 73.33 143.75 188.89
Relative 69.33 136.45 197.67
52 week high/low 40.5p/11.0p


Filtronic’s recent investment and focus on high-performance radio frequency (RF) design and manufacturing is starting to pay off, with recent new customer wins, development contracts and volume production orders boosting the order backlog. H124 results do not reflect this recent success: revenue was essentially flat and investment in sales and engineering reduced EBITDA. However, the strong backlog gives management confidence that revenue and profit will exceed consensus estimates for FY24 and FY25 and we have upgraded our EPS forecasts by 234% in FY24 and 96% in FY25.

Y/E May Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 17.1 2.8 1.5 0.53 73.6 36.5
2023A 16.3 1.3 0.1 0.06 650.0 93.2
2024E 23.6 3.8 2.3 1.07 36.4 31.1
2025E 24.2 3.9 2.4 1.09 35.8 22.2