Filtronic PLC has released its audited full-year results for the year ended 31 May 2024, showcasing significant growth in both financial and operational aspects. The company reported a substantial increase in revenue, reaching £25.4m compared to £16.3m in the previous year. This growth is reflected across various financial metrics, including adjusted EBITDA, operating profit, and profit before taxation, demonstrating a robust financial performance.
The company also highlighted several operational achievements, including the signing of a 5-year Strategic Partnership with SpaceX for the supply of Cerus solid state power amplifier ("SSPA") products, a contract award from the European Space Agency, and contract wins from strategic clients in the defense and telecommunications sectors. Filtronic also secured a fourth program from DSTL and received the King's award for Enterprise in Innovation, recognizing its outstanding product development.
Post-period highlights included a follow-on contract award from SpaceX for E-band SSPAs valued at $9.0m (£7.1m), further underlining the company's success and growth trajectory. Jonathan Neale, Chairman of Filtronic, expressed confidence in the company's future, stating, "The success in FY2024 has given us a very strong basis for our business as we look ahead into FY2025."
Neale also emphasized the company's ambitions to expand its engineering and manufacturing operations, particularly in the low earth orbit space sector, as well as its plans to venture further into the defense, aerospace, and security sectors. He highlighted the company's ability to pivot and adapt to emerging opportunities, underpinned by robust technology roadmaps and future-facing engineering and manufacturing capabilities.
The Chairman's statement also addressed the company's commitment to attracting talent in the face of a shortage of skilled engineers and technicians in the UK, while expressing confidence in Filtronic's role in critical technology areas, including sovereign semiconductor packaging capability.
The announcement concluded with details about the upcoming Annual General Meeting, scheduled for 31 October 2024, and a note on forward-looking statements, cautioning about potential risks and uncertainties.