Filtronic puts difficult past behind it and says its recovery is on track

The Leeds-based firm said its loss for the half year to November 30 fell to £4.3m from £5.3m. A move to higher margin business meant that revenue fell 38 per cent to £4.5m.

Chairman Reg Gott said: “Filtronic has been through a difficult 24 months restructuring its organisation and realigning its operations.

“Notwithstanding the disappointing financial performance for the six months to November 30, I am pleased with the progress now being made on all fronts to deliver the recovery strategy.”

Chief executive Rob Smith said a number of actions have been taken to reposition both business units for growth and to reduce operating expenditure.

“The benefits of these actions are beginning to flow through into the operating results of the business in the second half of this financial year,” he said.

“After a very difficult two years, we have significantly restructured and redefined the strategies of our business units.”

Earlier this week, Filtronic announced a further contract win with a major US multinational for £1.3m.

This is the second contract award in the last few weeks and gives investors hope that the group is putting the worst behind it.

The deal follows the announcement of a £2.7m production contract late last month. The order was with a major European manufacturer and was the first volume contract for Filtronic’s new range of integrated antennas.