21 January 2008
Half-Yearly Results For The Six Months Ended 30 November 2007

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Filtronic plc (“Filtronic”) announces its Half-Yearly Financial Report for the six months ended 30 November 2007.

Financial Summary

• Revenue from continuing operations up 51% to £27.2m (2006: £18.0m)
• Operating profit before exceptional items from continuing operations £2.3m (2006: loss £1.7m)
• Loss from discontinued operations £3.2m (2006: profit £70.2m) including Compound Semiconductors impairment of £6.3m
• Profit for the period of £0.9m (2006: £75.8m)
• Cash of £117.4m (2006: £64.0m)
• £0.8m net cash outflow from operating activities excluding the enhanced transfer value exercise payment

Highlights

• Point to Point increased revenue substantially by 91% and operating profit increased to £3.3m from £1.0m
• Defence Electronics improved margins on slightly lower revenue
• US Defence business sale completed in October 2007
• Surplus properties sold generating £6.1m cash
• Enhanced transfer value exercise for pension scheme completed and discussions commenced on restructuring the scheme
• Agreement signed on 20 December 2007 with RF Micro Devices for the sale of the Compound Semiconductors business for £12.5m cash, due to complete on 29 February 2008
• Board intention to return cash to shareholders by way of special dividend by the end of this financial year, subject to completion of court approval

Filtronic Chairman, John Poulter, said:

“Looking into the second half of this financial year, Defence has made progress in its order intake and is expected to demonstrate some improvement in trading.  Point to Point, having seen exceptional growth in the first half, is expected to trade at a lower level although substantially ahead of the equivalent period in the prior year.

In the second half year, the conclusion of the pension scheme discussions, return of cash and maximising shareholder value in the continuing businesses remain priorities.”

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