Filtronic celebrates third win of 2016

This is the third contract award since the start of the year and will give investors confidence that the Leeds-based group has put the worst behind it.

Filtronic said the latest win is for a substantial production order for its new range of integrated antennas.

The contract is a follow-on to the £2.75m order received from the same customer in January. Filtronic expects to fulfil this latest £1.4m order in the current financial year.

Analyst George O’Connor at Panmure said: “Filtronic announces a very impressive $2m follow-on antennae order this morning. Revenue should be recognised this year. We remind that while latest interim results were described as ‘disappointing’ as they showed only part of the effects of the restructuring and none of the upside from the revised cost base or the recent contract wins – today we see the upside loud and clear.”

Mr O’Connor said he was very encouraged by the win rate and the sharper focus post restructuring.

“Whilst we have elected to retain our ‘under review’ stance for now we are encouraged. Next scheduled news should be June’s pre-closed statement,” he said.