AIM-listed electronics manufacturer Filtronic, who have a base at NETPark, is set to report growth in turnover and profitability in its full-year results, boosted by the sale of its telecoms antenna operations.
In a trading update, the company said it expects, subject to audit, to report revenue of about £17.2m for the year ending 31 May 2020, compared to £15.9m in 2019.
An operating profit of about £400,000, up from £200,000, and adjusted earnings before interest, taxation, depreciation, amortisation and exceptional items (EBITDA) of £1.2m, up from £700,000 are also set to be recorded.
In January, Filtronic completed the sale of its telecoms antenna business for an initial cash consideration of $5.5m (£4.2m).
The company established a Covid Business Continuity Team in February to enable it to provide a fully compliant and safe working environment while maintaining full operational capacity to fulfil customer commitments.
Filtronic added: “There is considerable uncertainty in both the macroeconomic environment and the markets in which we operate.
“As the focus of concern regarding the impact of Covid-19 progressively shifts from public health to the economy, that uncertainty will increase.”
Filtronic is headquartered near Leeds and has a broadband division at NETPark in Sedgefield, County Durham.
News source: Insider Media North East