Filtronic PLC, a designer and manufacturer of products for aerospace, defense, telecoms infrastructure, and low earth orbit ("LEO") space markets, has announced an improved outlook for both FY2024 and FY2025. The company closed significant contracts with new customers in the first half of FY2024, including initial production orders in the LEO space market. As a result, FY2024 revenue is expected to be marginally ahead of expectations, with EBITDA significantly exceeding expectations.
The recent contract wins provide better visibility over the medium term, increased confidence in the LEO space market, and the ability to scale manufacturing to support the LEO constellation and ground station deployment. Consequently, FY2025 is anticipated to be significantly ahead of current market expectations for both revenue and EBITDA.
Richard Gibbs, Chief Executive Officer, highlighted the company's success in delivering world-class products to core markets and the recognition of recent investments in engineering and operations. He stated, "It is pleasing to see this effort being recognized in our financial results."
For further information, investors can contact Filtronic plc at 01740 618800 or [email protected]. Additionally, Cavendish Capital Markets Limited and Walbrook PR Limited are available for inquiries.
This announcement indicates Filtronic PLC's successful contract closures and improved outlook for FY2024 and FY2025, driven by significant contracts in the LEO space market and the company's ability to scale manufacturing to meet growing demand.