Last close As at 05/08/2026
GBP2.42
▲ 9.00 (3.86%)
Market capitalisation
GBP533m
Research: TMT
Filtronic has been awarded a grant by the UK Ministry of Defence (MoD) to fund the development of innovative plastic packaging for high-power semiconductor devices to be used in challenging operational environments. The award highlights Filtronic’s ability to support the sovereign supply chain for the UK defence market and the company’s continued collaboration with a leading aerospace and defence company.
Filtronic |
Awarded grant funding for UK defence project |
Project win |
Tech hardware and equipment |
18 September 2023 |
Share price performance
Business description
Analysts
Filtronic is a research client of Edison Investment Research Limited |
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Filtronic has been awarded a grant by the UK Ministry of Defence (MoD) to fund the development of innovative plastic packaging for high-power semiconductor devices to be used in challenging operational environments. The award highlights Filtronic’s ability to support the sovereign supply chain for the UK defence market and the company’s continued collaboration with a leading aerospace and defence company.
Year end |
Revenue |
EBITDA* |
PBT* |
Dil. EPS* |
DPS |
P/E |
05/22 |
17.1 |
2.8 |
1.5 |
0.53 |
0.0 |
30.2 |
05/23 |
16.3 |
1.3 |
0.1 |
0.06 |
0.0 |
249.4 |
05/24e |
20.7 |
2.2 |
0.7 |
0.32 |
0.0 |
50.5 |
05/25e |
22.7 |
2.7 |
1.2 |
0.56 |
0.0 |
29.1 |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Filtronic has been awarded a £170,000 grant by the Defence and Security Accelerator, part of the UK MoD, for the Defence Technology Exploitation Programme (DTEP), supported by Innovate UK. The scheme is sponsored by the MoD’s Directorate of Industrial Strategy and Exports, which aims to foster innovation and enhance defence supply chains by supporting small and medium-sized enterprises in developing state-of-the-art materials, technologies and processes. In addition to the grant, Filtronic’s lead customer is supplying support worth £76,000 to help embed the technology and capability into the business.
Under the DTEP award, Filtronic will undertake a project called ‘Low cost and SWAP high density packaging for future RADAR’ to develop a specialist plastic encapsulation capability for compound semiconductor devices, focusing on system in package designs. Filtronic is collaborating with a major aerospace and defence company to manufacture and test plastic-encapsulated Transmit Receive Modules (TRMs) for electronically scanned radar systems. The TRMs use the latest high-power density compound semiconductor materials; plastic encapsulation is being developed to provide a lighter and significantly cheaper alternative to ceramic packaging. It will initially be used in airborne radars but will also be applicable to other detector, sensor and communication systems for defence and commercial applications. While the value of the award is not material enough to change our forecasts, it highlights the company’s collaborative approach to the UK defence market and positions it to benefit from future radar programmes.
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Research: TMT
In H123 Esker reported strong growth in revenue (+16% y-o-y in constant currency (cc)) and bookings (+18% y-o-y cc) but this was outweighed by increases in costs, resulting in an operating margin decline. The company is taking measures to counter this, both in its contract pricing and by slowing the pace of hiring. While FY23 revenue outlook is unchanged, management reduced the mid-point of operating margin guidance by 1% to 12%. We have conservatively reduced our operating profit forecasts, which for FY23 were at the upper end of the new guidance range.