Last close As at 05/08/2026
GBP2.42
▲ 9.00 (3.86%)
Market capitalisation
GBP533m
Research: TMT
Filtronic has won a £3.4m contract to supply its solid state power amplifiers (SSPAs) to a leading low Earth orbit (LEO) satellite communications equipment provider. Filtronic supported the customer’s trial of E-band connectivity earlier this year; this contract is for the second phase of the customer’s roll-out and is the first time that E-band frequencies have been used in volume in a commercial LEO space application. Hot on the heels of winning a satellite payload development contract from the European Space Agency, this highlights the company’s growing presence in the space sector.
Filtronic |
Follow-on satellite contract win |
Contract win |
Tech hardware and equipment |
22 September 2023 |
Share price performance
Business description
Analysts
Filtronic is a research client of Edison Investment Research Limited |
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Filtronic has won a £3.4m contract to supply its solid state power amplifiers (SSPAs) to a leading low Earth orbit (LEO) satellite communications equipment provider. Filtronic supported the customer’s trial of E-band connectivity earlier this year; this contract is for the second phase of the customer’s roll-out and is the first time that E-band frequencies have been used in volume in a commercial LEO space application. Hot on the heels of winning a satellite payload development contract from the European Space Agency, this highlights the company’s growing presence in the space sector.
Year end |
Revenue |
EBITDA* |
PBT* |
Dil. EPS* |
DPS |
P/E |
05/22 |
17.1 |
2.8 |
1.5 |
0.53 |
0.0 |
31.1 |
05/23 |
16.3 |
1.3 |
0.1 |
0.06 |
0.0 |
275.0 |
05/24e |
20.7 |
2.2 |
0.7 |
0.32 |
0.0 |
51.5 |
05/25e |
22.7 |
2.7 |
1.2 |
0.56 |
0.0 |
29.5 |
Note: *EBITDA, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
In January, Filtronic announced it had won a new LEO satellite communications equipment customer and would be providing its Cerus16 SSPA modules for use in selected ground stations for commercial trials of E-band earth station antenna links to and from the LEO satellite. Yesterday’s announcement follows on from this contract, with Filtronic contracted to supply Cerus32 SSPAs (an upgrade to Cerus16 SSPAs) combined with a customised control board for the customer’s second phase of earth station antenna deployment. This is designed to provide full E-band connectivity to recently launched E-band-enabled LEO satellites. The contract is worth $4.25m/£3.4m and the company expects to recognise revenue in FY24. This supports our forecasts, which assume revenue growth of 27% in FY24.
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Research: Healthcare
Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for amyloid light chain amyloidosis (ALA). This occurred approximately a month after the announced ODD for multiple myeloma (MM), the other indication that Immix is pursuing with NXC-201. The benefits of ODD include seven years of US market exclusivity post approval, tax credits for qualified clinical trials and exemption from the Prescription Drug User Fee (c $3m for a new drug). ODD is issued to drugs/biologics intended for the safe and effective treatment, diagnosis or prevention of rare diseases/conditions that affect fewer than 200k people in the US. Achieving ODD in both MM and ALA marks an important development for the progress of NXC-201, which has shown encouraging signs on both the clinical and regulatory fronts. We believe that the next readout (expected in September 2023) from the ongoing NEXICART-1 trial could be a significant catalyst for the company.