Filtronic (FTC) Trading update summary

Financial performance

• Revenue for FY2024 expected to be approximately £25.4m, up from £16.3m in FY2023.

• Adjusted EBITDA projected at no less than £4.8m, a significant increase from £1.3m in FY2023.

• Cash at bank at year-end was £7.2m, with net cash of £5.2m.

Operational highlights

• Strong H2 trading driven by demand in core markets, especially low earth orbit (LEO) space.

• Strategic partnership with SpaceX led to rapid product development and production ramp for Starlink ground stations.

• Investments in manufacturing capabilities to support future growth and flexibility.

Market and business development

• Recent contract wins in aerospace and defence with BAE, QinetiQ, and DSTL.

• Ongoing investment in business development and team expansion, focusing on defence market opportunities.

• Strong order book and growing customer base entering the new financial year.