ELECTRONICS firm Filtronic doubled revenues in its second half year, boosted by three major orders, and is on track for sustainable growth, according to a trading update.
The Yeadon-based firm doubled revenues to £9.1 million in the second half of the year to May 31.
Filtronic, which designs and manufactures products for the wireless telecommunications infrastructure market, recently clinched a series of significant orders for its new range of integrated antennas from a European equipment manufacturer totalling more than £10 million.
Filtronic said revenue for the financial year was £13.6 million against £17.5 million in 2015.
It has agreed a temporary increase of its invoice discounting facility with Barclays bank from £2 million to £4 million to help support its working capital requirements and enable it pursue growth opportunities.
It also has a US invoice discounting facility with Faunus Group International Inc. of $3.5m. Filtronic said the new arrangements would be sufficient to finance a period of sales revenue growth currently being experienced.
Sales revenue in its Wireless business was £9 million against £10.3 million a year earlier, with £7 million coming in the second half.
Filtronic said it was commissioning a second production line at its manufacturing partner’s factory following the string of new orders.
It said an encouraging demand forecast for these products indicated that the good momentum achieved over the past six months should be maintained.
Revenues in the Broadband business were £4.6 million as sales of legacy products continued to fall while demand for new technology had been slower than anticipated
Rob Smith, chief executive, said: “The prospects for both integrated ultra-wide band antennas and E-band transceivers continue to be encouraging and the growing pipeline of enquiries represents a considerable opportunity for the business to continue its recovery toward delivering sustainable growth.”
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