Filtronic plc, the wireless communications and electronic defence equipment company, announces its Preliminary Results for the year ended 31 May 2007.

Revenue from continuing operations was £73.5m (2006 £63.0m), with an operating loss before exceptional items of £5.3m (2006 £10.9m). Operating loss after exceptional items was £27.6m (2006 £10.2m). Discontinued operations recorded a profit of £76.7m (2006 £18.9m). Earnings per share were 60.36p compared with 8.03p in 2006.

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Highlights

• Revenue from continuing UK operations £65.4m (2006 £49.5m)
• Reduced operating loss from continuing UK operations before exceptional items £3.4m (2006 loss £11.8m)
• Year end cash £118.3m (2006 net debt £12.7m)
• Point to Point revenue up 93% year on year and 10% margin
• UK Defence good recovery in second half
• Compound Semiconductors’ operating loss much reduced
• Disposals realised £144.5m for Wireless Infrastructure business, further £11.3m for Handset division and £2.8m for properties
• Pension scheme liabilities reduced in size by 35%, at a cost of £5.3m in 2007/8 post the year end

Summary of Outlook for the Group

The Board is committed to defining the future of Compound Semiconductors and resolving the issues that stand in the way of a cash return. Once these are achieved, progress of the UK Defence and Point to Point businesses and reduced central costs indicate that the group should return to profit during this year.

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