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Filtronic plc, the designer and manufacturer of microwave electronics products for the wireless telecoms infrastructure market, announces its interim results for the six months ended 30 November 2011 (“H1 2012”).

Financial Summary

• Revenue from continuing operations £10.5m* (H2 2011: £8.2m)
• Operating loss before amortisation and exceptional items of £1.2m (H2 2011: £4.4m loss)
• Cash of £3.9m (31 May 2011: £4.1m)
• Net cash outflow from operating activities reduced to £0.6m (H2 2011: £2.5m outflow)

*Comparatives are versus H2 2011 as H1 2011 includes only 2 weeks of post acquisition Filtronic Wireless business

Highlights

• Filtronic Wireless (“Wireless”, formerly Isotek) sales grow 66% on H2 2011
• Wireless target margin improvements delivered
• Broadband sales maintained and cost reductions realised
• Broadening of customer base as end-customers begin 4G/LTE network rollouts

Commenting on the Outlook, Howard Ford, Chairman said:

“Filtronic Wireless continues to broaden its range of programmes following successful trials and initial production deliveries, especially to the US market.” “Though the precise year end outcome remains sensitive to the timing of network upgrade & roll-out plans for certain US customers, further progress is anticipated for the Wireless business in the second half. “

“Broadband moves into the second half with extended order coverage for its point-to-point, aerospace and E Band radio products, which should enable this product segment to maintain its revenues even in the face of the ongoing decline in legacy business with Ceragon.

“The Board remains committed to exploiting new opportunities for broadband technology and driving for new programme wins with innovative base station filters and combiners.”

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