COMPANY PRESS RELEASE: Filtronic plc a leading global designer and manufacturer of customised microwave electronic subsystems, announces its Interim Results for the six months ended 30 November 2001.
Its technology and engineering can be applied to several business sectors in both the commercial and defence areas. Filtronic has 17 worldwide manufacturing sites, 7 in the UK (North East England, Yorkshire, Midlands, Scotland), 6 in the US, 2 in Finland, 1 in both China and Australia, plus a sales office in Japan.
Filtronic is the world’s leading independent supplier of transmit/receive modules for mobile communications base stations and supplies several of the world’s leading OEM’s. It is also the world’s leading supplier of cellular handset antennas.
Commenting on the Interim Results, Professor David Rhodes, Executive Chairman, said: The Board is pleased with the progress made by the company since last year end.
Profit and Loss Highlights
Group sales of £146.0m (2000: £147.6m)
Group operating profit before goodwill amortisation and impairment and share compensation costs £6.1m (2000: £6.3m)
Sales, operating profit figures do not benefit from agreements signed 30 November 2001 with BAE SYSTEMS and M/A-COM for Newton Aycliffe facility
Loss on ordinary activities before tax £4.5m (2000: £2.5m)
Loss per share 8.05p (2000: 4.38p) both on undiluted and diluted basis
Maintained dividend per share of 0.90p (2000: 0.90p) payable 1 April 2002
Commenting in his Statement to shareholders, Professor David Rhodes, Executive Chairman, said:
In summary, the Board is pleased with the progress made by the company since last year end. Filtronic has increased its market share in its two major businesses to become the clear world market leader, secured a strong position at the heart of 3G mobile infrastructure system supplies and successfully concluded the two Newton Aycliffe agreements. Further, the company has eliminated its short term borrowings, reduced its gearing and begun to build cash reserves. The Board remains convinced that the company’s strategy of acquiring control over and investing in the key technologies for future communications systems will provide the best opportunity for sustained shareholder value in the medium and longer term.