Filtronic has entered its new financial year with an order book already covering most of the year’s revenue, after a year in which earnings came in slightly better than the City had expected.
This was an upbeat announcement from Filtronic.
The Sedgefield-based designer of advanced RF solutions for the space, defence, aerospace and telecoms markets told the market it expects to report revenue of at least £55.5m for the year ended 31 May 2026, in line with forecasts, alongside adjusted EBITDA of at least £11.1m, slightly ahead of expectations.
This is an improvement on revenues of £25.4m and EBITDA of £4.9m in the year to 31 May 2024.
Cash at bank stood at £13.4m, with net cash of £11.3m after stripping out property leases.
Growth during FY2026 was underpinned by a broadening customer base following a series of contract wins that diversified it.
Reliance on the group’s largest customer fell again over the year, helped by deeper relationships across the space and defence sectors and improving order visibility.
That said, the relationship with their largest customer, SpaceX, continues to expand: the previously announced multi-year $62.5m next-generation GaN E-band contract with SpaceX remains a key driver of the business.
The year also saw Filtronic complete its self-funded headquarters and manufacturing facility in Sedgefield, now fully operational and designed to support annual revenues north of £200m.
Alongside the trading update, Filtronic announced a second contract win with a US satellite customer, worth around $0.5m (£0.4m). The award covers an initial development phase to design a high-frequency module for satellite payload, and follows the $8.0m (£6.0m) deal struck with the same customer in March.
Filtronic issued a confident outlook. The Filtronic begins FY2027 with an order book already covering 90% of consensus revenue for the year, supported by multi-year cover with its primary customer and growing engagement across other major space, defence and aerospace clients.
The latest win, the board said, is further evidence of the customer momentum building behind the business.