Filtronic, the AIM-listed Shipley-based electronics manufacturer, has reported a rise in revenue in full-year results released this week.
For the year ended 31 May 2020, the company posted revenue of £17.2 million – up from £15.9 million in 2018/19.
Adjusted EBITDA rose from £700,000 to £1.2 million but the company did report a pre-tax loss of £400,000, compared to a £100,000 profit the year before.
The results were driven by securing several new contracts and by the sale of its telecoms antenna business earlier this year.
“The key strategic objective of the business has been to broaden the customer base and product portfolio. The progress made to address this has been pleasing, notably through recent contract wins to supply new customers and markets, whilst new products were launched into our existing customer base,” said Chairman Reg Gott.
“The upgrade of our operational capability provides the infrastructure to support future growth, whilst the improvement of our cash reserves enables us to commit to engineering developments that deliver a high return on investment.
“The recent strengthening of our sales and marketing team will further facilitate execution of our strategic plans and gives the Group the ability to scale without significant uplifts on the cost base.
“The business demonstrated resilience and effective management through the recent phase of the Covid-19 pandemic but, like our peers, we are cautious on the immediate outlook with the full economic fallout of the crisis unknown.
“However, we remain confident in the underlying fundamentals of the business and look to pursue the opportunities that present themselves to create long-term value for shareholders.”