Filtronic plc, the British designer and manufacturer of high-tech products for aerospace, defence, space and telecommunications infrastructure, has secured a major contract in their strategic partnership with Elon Musk’s SpaceX worth £16.8m ($20.9m).
Filtronic shares jumped 15% to trade above 100p in early trade, meaning the UK tech stock’s shares have more than tripled since 52-week lows in April last year.
The contract, which will be delivered over the next two financial years, marks another significant win for the AIM-listed company. Filtronic’s board of directors has indicated that this new agreement will push the firm’s performance above current market forecasts for both revenue and profit through 2025 and 2026.
This latest deal further strengthens Filtronic’s position in the growing commercial space sector, adding to its portfolio of contracts in the aerospace and defence markets.
The company has won a series of contracts from SpaceX, helping Filtronic’s revenues jump to £25.6m in their first half period.
“We are delighted to have secured this substantial order, which underscores Filtronic’s reputation for delivering high-performance RF solutions to our market leading customer,” said Nat Edington, Chief Executive Officer of Filtronic.
“This contract, alongside our growing momentum in strategic markets, provides us with increased confidence in our ability to exceed our growth targets for FY2025 and FY2026”.