23 July 2012 – final results

Following the promising trading update issued last month, the electronics group Filtronic has issued its final results for the year to 31 May and these show that revenues on continuing operations have risen sharply, increasing by 68% to £26.1m (2011: £15.5m).  The group has also returned to profit, albeit modestly, making £0.04m during the period compared with a loss of £6.9m last time.  Earnings per share were negligible at 0.04p and net cash declined slightly to £3.7m at the year end (2011: £4.1m) despite funding significant growth.  The Wireless business delivered strong growth helped by the acquisition of Isotek and further growth is expected going forward.  The foundations have now been laid for the business to grow and we rate the shares as a BUY.