Source - SMW
Antenna manufacturer Filtronic posted a large fall in first-half profit after several large orders were completed.

Pre-tax profit slumped to £582,000, down from £1.71m a year earlier after revenue almost halved to £12.8m.

Recent extensions to multi-year defence contracts had provided baseline revenues for the next few years, the company said.

'Notwithstanding these positive developments, we remain at the early stages on a number key initiatives and projects where progress toward production volume orders has been slower than anticipated,' it added.

'As a consequence, we now anticipate a second half performance broadly similar to our first half performance, with further growth being pushed into FY2019.'

 


At 1:57pm: (LON:FTC) Filtronic PLC share price was -2.4p at 9.1p