New Contract Win for Filtronic
By: Filtronic plc
The orders are valued at approximately US$24.2 million and are follow-ons to the previously announced orders totalling US$13.8 million. The Company expects that the new orders will be fulfilled in the financial year ending 31 May 2017. These orders are, in part, being placed to put inventory into our customer's sales channel and therefore may not represent normal demand levels.
The Company has conducted an initial review of the working capitalrequirements to fund these orders and believes that its existing invoice discounting facilities will be sufficient. The board will continue to monitor this closely as production commences to fulfil these orders. Filtronic will provide further information on trading in a pre-closing statement that will be issued in June 2016.
Rob Smith, CEO commented, "these new orders are a further sign of the market acceptance being shown for our new antenna products. As with any new product introduction it is difficult to predict the timing and scale of market demand. However, we are delighted with the progress made to date".
Filtronic plc Tel. 0113 220 0000
Rob Smith (CEO) Tel. 07810 774 688
Maura Moynihan (Company Secretary) Tel. 01274 535 619
Panmure Gordon (UK) Limited Tel. 020 7886 2500
Dominic Morley / Alina Vaskina (Corporate Finance)
Erik Anderson / Tom Salvesen (Corporate Broking)
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Paul Cornelius Mob. 07866 394 707
Helen Cresswell Mob. 07841 917 679