Filtronic says multi-million pound deals, including its largest-ever contract with SpaceX have driven growth over the last 6 months.
The County Durham tech firm specialises in the design and manufacture of advanced RF solutions for the space, aerospace and defence industry.
In a trading update this morning, it revealed that it ended the first half of the year with £10.5m (May 25: £14.5m) cash at bank, having self-financed a move to a larger headquarters and manufacturing facility at Sedgefield.
This was £8.5m when excluding right of use property leases, which it stated provided “solid foundation for further investment and strategic growth.”
It comes following a major year for the company, not least the £47.3m SpaceX deal for its next-generation E-band GaN product.
Elsewhere it secured a £5.8m multi-year contract with “a leading European aerospace manufacturer” and a £13.4m contract with “a leading European defence prime.”
READ MORE – £13.4m sensor contract for North East space pioneer
“Demand for high-frequency, secure and resilient communications continue to strengthen across our core space, aerospace and defence markets, creating long-term structural drivers for Filtronic,” said Nat Edington, Chief Executive Officer.
“The first half saw us make significant strategic progress, including landmark contract wins and continued advances in our technology roadmap. With strong commercial momentum, a robust order book and an organisation scaling effectively to meet a growing pipeline of opportunities, we remain confident in delivering against market expectations for the full year.”
Next year it plans to launch new gallium nitride (GaN) products to address emerging opportunities in space ground systems. The company has also been awarded £1.2m funding to support the development of a 550W Ka-Band solid-state power amplifier.
GaN is a semi conductor material which has emerged as a better option to traditional silicon, given its better power handling capabilities, high electron mobility, and low resistance.
At year end, Filtronic is forecasting revenue of £55.5m and EBITDA of £10.9m.
