REG - Filtronic PLC - AGM Trading Update & Notice of Results

FiltronicAnnouncement

26/10/2023 07:00

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RNS Number : 3852R  Filtronic PLC  26 October 2023

26 October 2023

Filtronic plc

(the "Company" or "Filtronic")

 

AGM STATEMENT AND NOTICE OF RESULTS

 

Filtronic plc (AIM: FTC), the designer and manufacturer of products for
the aerospace, defence, telecoms infrastructure, space and critical
communications markets is pleased to provide the following update ahead of
its Annual General Meeting being held later today at 11.00 am.

 

Based on trading in the financial year to date, together with the outlook for
the remainder of FY2024, the Company remains confident of delivering full year
results in line with market expectations.

 

Good progress has already been made against each of the key objectives for
FY2024 as set out in the outlook section of the Chief Executive's review in
the full year results We were delighted with the two significant contract wins
in the period in the high-growth Low Earth Orbit ("LEO") space market. The
first strengthens our relationship with the global market leader for LEO
Broadband connectivity and the second established an important engagement with
the European Space Agency underlining the importance of Filtronic's technology
in both ground station and payload applications which substantially increases
the total addressable market.

 

Key engineering developments on our technology roadmap have been progressing
well including the latest product in the Cerus power amplifier suite. The
Cerus 32 solid state power amplifier ("SSPA") is capable of delivering
unmatched levels of linear transmit power at E-band frequencies and we
anticipate strong demand from the LEO base station market. Equally, our MMIC
development at W-band is showing excellent results from the latest modelling
and this will be key to enabling future terrestrial telecom backhaul solutions
as spectrum fills at E-band and the operators look for additional capacity and
improved performance at higher-frequencies.

 

With the passage of time and in order to enable the Company to attract and
retain a wide pool of talent, the Remuneration Committee, having consulted
with its largest shareholders who in aggregate hold a controlling interest in
the Company, has agreed to increase the dilution limit attributable to share
option schemes to 12.5% of the Company's issued share capital, over any
rolling 10 year period.

 

Notice of Results

 

Filtronic will announce its half-year results for the six months ended 30
November 2023 on 6 February 2024.

 

Enquiries:

 Filtronic plc                                Tel. 01740 618800 or investor.relations@filtronic.com
                                              (mailto:investor.relations@filtronic.com)
 Richard Gibbs (Chief Executive Officer)
 Michael Tyerman (Chief Financial Officer)

 Cavendish Capital Markets Limited            Tel. 020 7220 0500
 Jonny Franklin-Adams/ George Dollemore (Corporate Finance)
 Sunila de Silva (ECM)

 Walbrook PR Limited                          Tel. 020 7933 8780 or filtronic@walbrookpr.com

                                            (mailto:filtronic@walbrookpr.com)
 Paul Vann/Joe Walker

 

Note: This announcement contains inside information which is disclosed in
accordance with the Market Abuse Regulation.

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