North East and Yorkshire telecoms manufacturer Filtronic has hailed its strong cash platform after reversing last year’s losses to return to profit.
Revenues dipped from £17.2m to £15.6m during the year ended May 31 2021, as delays to key programmes in the first six months and the impact of the pandemic on a key market knocked sales.
However, last year’s operating loss of £200,000 was converted to profit of £600,000, and last year’s overall loss of £2m bounced back to profit of £100,000, on the back of 20% revenue growth in the second half of the year.
Filtronic designs and manufactures antennas and filters for the aerospace, defence, telecoms infrastructure and critical communications markets from three bases – its largest in Sedgefield, County Durham, alongside sites in Yeadon in Leeds, and Maryland, US.
Chairman Roger Gott said its healthy cash position would be used to drive further organic growth, which is showing strong signs of recovery from the pandemic with a stronger order book.
During the year the company – which won a Queen’s Award for Enterprise in International Trade 2021 – was awarded a £1.3m contract to develop and supply battlefield radio communications equipment, and its “best-in-class” Tower Top Amplifier saw its first significant revenue recognition in the last quarter of the year.
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