Filtronic (LON:FTC), the designer and manufacturer of components and subsystems for complex antennas, has issued a significant trading update ahead of its interim results for the six months ending 30 November 2024. The company is now expecting FY25 results to surpass previous forecasts, a development that highlights Filtronic’s strong performance and promising growth outlook.
Cavendish, the company’s corporate broker, has upgraded its FY25 adjusted profit before tax (PBT) forecast from £7.7m to £9.6m, reflecting this stronger-than-expected momentum. The target price remains unchanged at 91.9p, representing a 28% upside from the current share price.
Key Growth Drivers
The standout driver for Filtronic’s impressive performance is its partnership with SpaceX, where it supplies E-band solid-state power amplifiers for the ground stations supporting the Starlink low-earth orbit satellite constellation. Filtronic’s AGM statement on 31 October indicated robust demand in the first half of FY25, particularly from retrofitting amplifiers onto existing Starlink ground stations. Based on the latest update, revenues are expected to remain elevated in the second half as well.
