1 August 2017 – final results
In the year ended 31 May 2017 performance was ahead of initial expectations with sales of £35.4m (2016: 13.6m) and an adjusted operating profit of £1.8m (2016: £6.8m adjusted operating loss). Filtronic Wireless business revenue was £30.5m (2016: £9.0m) with an operating profit of £3.5m (2016: 4.5m operating loss) and an adjusted operating profit of £3.6m (2016: £4.5m adjusted operating loss). Filtronic Broadband business revenue was £4.9m (2016: £4.6m) with an operating loss of £0.9m (2016: £1.6m operating loss) and an adjusted operating loss of £0.9m (2016: £1.7m adjusted operating loss). Net cash was £2.6m at the end of the year (2016: £0.3m net debt). The future is somewhat uncertain given the nature of the business but at this level we believe the shares are ATTRACTIVE.