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Electronics Production | December 11, 2007

Filtronic expects to have returned to profitability

UK based company Filtronic has provided its trading update for the 6 months ended 30 November 2007.The group is expected to have returned to profitability and to have been operationally cash neutral.
Point to Point delivered a substantial increase in revenue. Compound Semiconductors benefited from the previously announced additional short term switch volume. Defence remained steady. Disposal of the US Defence business was completed in October. The initial consideration received was $3.4m and a further deferred consideration of up to $1.5m is due in the first quarter of 2009. The sale of the Waterfront property was completed in November generating proceeds of £5.9m, equivalent to book value.

The enhanced transfer value pension offer to deferred members, referred to in the Preliminary results in July, will be finalised in early December at an estimated cost of £6m. The cash balance at 30 November was £117m with £0.8m to be paid in early December to conclude this pension transfer offer.

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