Filtronic – 60.5p

18 April 2013 – trading statement

Although shares in the company have stormed ahead since they were recommended as one of our Shares for the Year at just 34.75p in January, there had been some weakness in recent days.  This has been reversed following today’s very positive trading statement which has confirmed that revenues and profits for the year to 31 May 2013 will be ahead of expectations.  Revenues will be around £38.5m as opposed to forecasts of £36m and pre-tax profits will therefore probably rise to £3.4m for earnings per share of around 4p.  Given the strong growth prospects we think that the recent price fall from over 80p has been overdone even after today’s rise in the share price.  We re-iterate our recommendation of BUY.

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