Filtronic on high as sales soar

12 April 2012

FILTRONIC shares leaped 62 1/2p to 375p on Monday night after first-half cash flow hit £20m, though shares of main customer Nokia slumped as brokers cut profit estimates.

In Filtronic's main businesses - making masts and systems for mobile networks and antennae for handsets - sales held firm as it grew share in a weaker market.

Mast sales should rise this year as third-generation networks are rolled out. In handsets, it makes one quarter of the world's aerials and nearly half of the popular internal ones. Profits in Finland, Nokia's home, jumped 49% and accounted for a thumping 81% of the total.

Filtronic landed two big contracts for its troubled components plant at Newton Aycliffe, Durham, but accounting rules mean the sales will be recognised in the second half.

So, despite positive cash flow, used to clear short-term debt, losses doubled to £4.5m pre-tax. The shares are 20 times likely earnings.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in