Filtronic back in the black

The Shipley-based group said that revenues from continuing operations were up 68 per cent to £26.1m, while profit was £0.04m for the year ending May 31, 2012, compared to a £6.94m loss the previous year. Operating profit before amortisation and exceptional items was £0.8m, compared to a £5.3m loss the previous year, according to the firm’s preliminary results.

The company recorded a pre-tax loss of £1.63m, narrowing last year’s £7m pre-tax loss.

Howard Ford, chairman, said in a statement: “The volume of data traffic generated by mobile devices continues to increase rapidly. In particular, changes in content-viewing habits have resulted in a surge in video traffic, which currently represents 50 per cent of mobile data traffic and is expected to expand to 70 per cent by 2016.

“The release of new spectrum to enable this growth in mobile traffic will require significant network investment by operators, and is expected to benefit both Filtronic’s wireless and broadband businesses.”

The group said Alan Needle, a current board member, is due to replace Hemant Mardia as chief executive.

Mr Ford added: “I would like to wish Hemant well after 28 years service with the business and I am extremely pleased that we have such a highly qualified and experienced wireless systems man in Alan on the board to take up the role of CEO and take the company forward on its next phase of growth.”

On a per share basis, full-year earnings were 0.04p, versus a 7.48p loss a year ago.