TIDMFTC
RNS Number : 0876P
Filtronic PLC
07 February 2023
7 February 2023
FILTRONIC PLC
("Filtronic", the "Company" or the "Group")
HALF YEAR RESULTS FOR THE SIX MONTHSED 30 NOVEMBER 2022
Filtronic plc (AIM: FTC), the designer and manufacturer of
products and sub-systems for the aerospace, defence, telecoms
infrastructure, space and critical communications markets,
announces its half year results for the six months ended 30
November 2022 ("H1 2023").
Financial Highlights
H1 2023 H1 2022
Revenue GBP8.4m GBP8.0m
Adjusted EBITDA (1) GBP1.0m GBP1.1m
Adjusted operating profit (2) GBP0.5m GBP0.6m
Operating profit GBP0.5m GBP0.7m
Profit for the period GBP0.5m GBP0.7m
Basic profit per share 0.22p 0.32p
Diluted profit per share 0.21p 0.31p
Cash (used in)/generated from operating activities (GBP0.2m) GBP0.6m
At 30 At 31 May
Nov 2022 2022
Net cash when including right of use property GBP1.0m GBP1.1m
leases
Net cash when excluding right of use property GBP2.4m GBP2.2m
leases
(1) Adjusted EBITDA is earnings before interest, taxation,
depreciation, amortisation and exceptional items.
(2) Adjusted operating profit is operating profit before
exceptional items.
Operational Highlights
-- Post-period end, awarded a $2.8m (GBP2.3m) contract with a
leading global provider of low earth orbit ("LEO") satellite
communications equipment expanding our presence in the new space
market.
-- Increased the level of engagement with key strategic target
customers in the aerospace & defence and space markets in
addition to space agencies following recent investment in our
direct sales channels and engineering management.
-- E-band spectrum India was licenced in H1 in addition to high
demand and a robust order book for 5G backhaul products. Whilst
global semiconductor shortages may impact short term fulfilment
schedules, the customer requirements over the lifetime of the
product remains strong.
-- Implementation of new engineering and manufacturing
capability to provide plastic encapsulation technology; a grant of
GBP150k has been secured towards the capital expenditure. This
provides a new process and technology to support UK defence primes
as well as multiple other sectors.
-- Achieved IASME Cyber Assurance accreditation improving our
cyber security credentials. This is a key enabler to satisfy the
strategic objective of winning further aerospace & defence
work.
-- New site officially opened in Manchester which increases
engineering capacity with the addition of a highly skilled and
experienced team.
Commenting on the outlook, Jonathan Neale, Chairman, said: "
Global spending on aerospace & defence, telecommunications
infrastructure and low earth orbit ("LEO") commercial space
applications is increasing, underpinned by exciting technological
advancements. We have also seen governments re-evaluate critical
infrastructure supply with an emphasis on security and national
resilience.
"As a result of our continuing investment, we are seeing greater
evidence of awareness and consideration of our products in our key
markets from both existing and new customers. Our contract wins and
successful project deliveries through 2022 in high technology
microwave and millimetre wave sub-systems demonstrate our belief
that we have a world class technical capability. Our main objective
remains the development of scale and value growth. We are also
investing in important capital equipment to support engineering and
new production capability for existing and emerging applications in
these growth markets.
"Longer term we are confident that the key markets we serve are
the right ones and that our value proposition and capability is
both relevant and compelling."
Enquiries
Filtronic plc www.filtronic.com
Richard Gibbs, CEO 01740 618800 or investor.relations@filtronic.com
Michael Tyerman, CFO
finnCap Ltd 020 7220 0500
Jonny Franklin-Adams/George Dollemore (Corporate Finance)
Alice Lane/Sunila de Silva (ECM)
Walbrook PR Limited 020 7933 8780 or filtronic@walbrookpr.com
Paul Vann/Nick Rome/Joe Walker
Notes:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Forward-looking statements
Certain statements in this half-yearly financial report are
forward-looking. Where the half-yearly financial report includes
forward-looking statements, these are made by the directors in good
faith based on the information available to them at the time of
their approval of this report. Such statements are based on current
expectations and are subject to a number of risks and
uncertainties, including both economic and business risk factors
that could cause actual events or results to differ materially from
any expected future events or results referred to in these
forward-looking statements. Unless otherwise required by applicable
law, regulation or accounting standard, the Group undertakes no
obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise.
Chairman's Statement
I am pleased to present our half year results for FY2023.
The Group has continued to build momentum in our key strategic
markets. In my last statement I signalled that we would invest in
the deployment of our strategic plan and technology roadmap. I am
pleased with the results to date, with some notable successes,
including the delivery of Morpheus X2 and Hades; two new backhaul
transceiver products. We also developed the Cerus Solid State Power
Amplifier ("SSPA") range which post period end enabled the win of a
significant new customer in the low earth orbit ("LEO") space
market with an initial order of $2.8m (GBP2.3m). We also initiated
our next generation E-band and W-band chipset development programme
with encouraging results. In parallel we have continued to build
our engineering bench strength with the opening of the Manchester
engineering design office and new manufacturing capability, as we
add plastic encapsulation and wedge bonding to our manufacturing
process capability.
Financial Performance Summary
Group revenue for the first half of FY2023 was 5% up on prior
year with sales of GBP8.4m (H1 2022: GBP8.0m), in line with
forecasts. An adverse first half sales mix, offset by brief
advantage from strong US dollar sales, and a higher cost base
following investment into sales channels and engineering has
contributed to a lower operating profit of GBP0.5m (H1 2022:
GBP0.7m) and an adjusted EBITDA of GBP1.0m (H1 2022: GBP1.1m).
At 30 November 2022, the Group recorded cash in the bank of
GBP3.0m (31 May 2022: GBP4.0m), net cash of GBP2.4m when excluding
the right of use property leases (31 May 2022: GBP2.2m) and net
cash including right of use property leases of GBP1.0m (31 May
2022: GBP1.1m).
The Markets
The telecommunications infrastructure market has continued the
deployment of 5G backhaul networks with spectrum opening in new
geographies, most notably India, who finally approved the release
of E-band and V-band licences in August 2022. Four network
providers secured operating licenses and initial demand from the
Original Equipment Manufacturer ("OEM") has boosted our open
orderbook. We anticipate that there will be opportunities to secure
further demand as additional supply contracts are negotiated
between the OEMs and the local telecoms companies.
The aerospace & defence market, specifically electronic
warfare ("EW") and battlefield communications, is an area where
Filtronic has added significant value and expertise. We now have a
growing opportunity pipeline with numerous defence primes, and
several opportunities as a result of a need to offset an
acknowledged shortage of in-house Radio Frequency ("RF") design and
manufacturing capability. We started the year with a second Defence
Science and Technology Laboratory ("DSTL") programme win for a
secure field portable RF test platform and have accumulated a
consistent flow of switched filterbank design wins. Major strategic
design and supply chain decisions are being made regarding the
future of EW platforms and Filtronic now features prominently on
this roadmap.
The LEO Space market became a target of Filtronic a number of
years ago when we engaged with leading west coast US technology
companies experimenting with high altitude pseudo-satellites
("HAPS"), proving we could adapt proprietary E-band technology for
both payload and ground-based communication. This early work has
enabled us to target the fast-growing LEO space market where
disruptive players are being sought to redefine the
telecommunications landscape. We have been encouraged by the speed
at which this commercial new space market has developed and pleased
that our offering of innovative design, commercial pricing and
rapid scale-up are valued and gives us a competitive advantage.
Outlook:
Notwithstanding a strong orderbook and signs that our target
markets remain robust, the outlook for the current financial year
continues to be shaped by global supply chain challenges as
announced on 31 January 2023. The semiconductor shortages
originating during the pandemic are showing signs of recovery but
supplies of specific components are still inconsistent and prone to
schedule change. The impact of this global issue not only disrupts
manufacturing at Filtronic, but it also impacts our customers'
ability to complete their own manufacturing cycle. The team at
Filtronic are adept at component sourcing and fortunate that we can
rely on our ability to make rapid design changes to accommodate
alternative components and use our in-house manufacturing resources
to react quickly to changes in material availability.
Whilst we deal with the frustration of the continuing component
shortages, we have focused our efforts on driving forward our
strategic operational targets, and therefore remain confident in
our ability to deliver growth in FY2024 and beyond. Looking further
ahead, our strategic markets continue to benefit from strong growth
drivers and significant inward investment. The LEO space market is
developing faster than originally estimated and we have multiple
project opportunities that look promising for E-band technology.
The importance of defence spending on EW and battlefield
communications is more pronounced than ever, following the events
in Ukraine, with governments acknowledging that spending needs to
increase to protect its population and the deployment of 5G network
infrastructure continues at pace with the insatiable demand for
bandwidth driving people toward E-band frequencies.
Jonathan Neale
Chairman, 6 February 2023
Condensed Consolidated Interim Income Statement
For the period ended 30 November 2022
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
Continuing operations Note GBP000 GBP000 GBP000
Revenue 5 8,368 8,004 17,052
====== ====== ======
Adjusted EBITDA (1) 952 1,124 2,807
Depreciation (392) (364) (945)
Amortisation (77) (152) (278)
---------- ---------- ----------
Adjusted operating profit (2) 483 608 1,584
------------------------------- ----- ------------ ------------ -----------
Exceptional items - 113 391
---------- ---------- ----------
Operating profit 483 721 1,975
Finance costs 6 (125) (104) (194)
Finance income 7 82 68 111
---------- ---------- ----------
Profit before taxation 440 685 1,892
Taxation 24 (8) (424)
---------- ---------- ----------
Profit for the period 464 677 1,468
====== ====== ======
Basic and diluted earnings per share (pence)
Basic earnings per share 8 0.22p 0.32p 0.68p
Diluted earnings per share 8 0.21p 0.31p 0.68p
====== ====== ======
1 Adjusted EBITDA is defined as profit before interest,
taxation, depreciation, amortisation and exceptional items which is
a non-GAAP metric used by management and is not an IFRS
disclosure.
2 Adjusted operating profit is defined as operating profit
before exceptional items which is a non-GAAP metric used by
management and is not an IFRS disclosure.
Condensed Consolidated Interim Statement of Comprehensive
Income
For the period ended 30 November 2022
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Profit for the period 464 677 1,468
---------- ---------- ----------
Items that are or may be subsequently
reclassified to profit and loss:
Currency translation arising on consolidation 62 101 179
---------- ---------- ----------
Total comprehensive income for the
period 526 778 1,647
====== ====== ======
The total comprehensive income for the period is attributable to
the equity shareholders of the parent company Filtronic plc.
Condensed Consolidated Interim Balance Sheet
At 30 November 2022
Note 30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Non-current assets
Goodwill and other intangible
assets 1,595 1,597 1,495
Right of use assets 2,606 2,057 2,293
Property, plant and equipment 795 978 701
Deferred tax 875 1,272 868
---------- ---------- ----------
5,871 5,904 5,357
---------- ---------- ----------
Current assets
Inventories 2,685 2,371 2,598
Trade and other receivables 4,809 4,118 4,479
Cash and cash equivalents 3,062 3,044 4,006
---------- ---------- ----------
10,556 9,533 11,083
---------- ---------- ----------
---------- ---------- ----------
Total assets 16,427 15,437 16,440
---------- ---------- ----------
Current liabilities
Trade and other payables 2,190 2,790 2,993
Provisions 314 275 282
Deferred Income 198 265 172
Financial liabilities - 71 -
Lease liabilities 616 538 540
---------- ---------- ----------
3,318 3,939 3,987
---------- ---------- ----------
Long term liabilities
Deferred income 31 44 130
Financial liabilities - 71 -
Lease liabilities 1,484 1,229 1,280
---------- ---------- ----------
1,515 1,344 1,410
---------- ---------- ----------
---------- ---------- ----------
Total liabilities 4,833 5,283 5,397
---------- ---------- ----------
---------- ---------- ----------
Net assets 11,594 10,154 11,043
====== ====== ======
Equity
Share capital 9 10,796 10,795 10,796
Share premium 10 11,077 11,050 11,060
Translation reserve (409) (549) (471)
Retained earnings (9,870) (11,142) (10,342)
---------- ---------- ----------
Total equity 11,594 10,154 11,043
====== ====== ======
The total equity is attributable to the equity shareholders of
the parent company Filtronic plc.
Company number 2891064
Condensed Consolidated Interim Statement of Changes in
Equity
For the period ended 30 November 2022
Share Share premium Translation Retained Total
capital reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 30 November 2021 10,795 11,050 (549) (11,142) 10,154
Profit for the period - - - 791 791
New shares issued (net of
issue costs) 1 10 - - 11
Currency translation movement
arising on consolidation - - 78 - 78
Share-based payments - - - 9 9
---------- ---------- ---------- ---------- ----------
Balance at 31 May 2022 10,796 11,060 (471) (10,342) 11,043
Profit for the period - - - 464 464
New shares issued (net of
issue costs) - 17 - - 17
Currency translation movement
arising on consolidation - - 62 - 62
Share-based payments - - - 8 8
---------- ---------- ---------- ---------- ----------
Balance at 30 November 2022 10,796 11,077 (409) (9,870) 11,594
====== ====== ====== ====== ======
Condensed Consolidated Interim Cash Flow Statement
For the period ended 30 November 2022
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
(Unaudited) (Unaudited) (Audited)
GBP000 GBP000 GBP000
Cash flows from operating activities
Profit for the period 464 677 1,468
Taxation (24) 8 424
Finance income (82) (68) (111)
Finance costs 125 104 194
---------- ---------- ----------
Operating profit 483 721 1,975
Tax received/(paid) 24 (8) 19
Share-based payments 8 7 16
Depreciation 392 364 945
Amortisation of intangible assets 77 152 278
Movement in inventories (11) (118) (273)
Movement in trade and other receivables (282) (755) (1,100)
Movement in trade and other payables (838) 368 550
Movement in provisions 33 (122) (115)
Change in deferred income (72) (5) (10)
---------- ---------- ----------
Net cash (used in)/generated
from operating activities (186) 604 2,285
---------- ---------- ----------
Cash flows from investing activities
Acquisition of plant and equipment (193) (80) (61)
Acquisition of intangible assets (16) (33) (57)
Acquisition of right of use assets - (18) (132)
Capitalisation of development (160) - -
costs
---------- ---------- ----------
Net cash used in investing activities (369) (131) (250)
---------- ---------- ----------
Cash flows from financing activities
Interest paid (125) (105) (194)
Repayment of bank loans - (8) (131)
Repayment of lease liabilities (323) (259) (653)
Repayment of interest-bearing
borrowings - - (8)
Proceeds from new shares (net
of issue costs) 17 11 22
---------- ---------- ----------
Net cash used in financing activities (431) (361) (964)
---------- ---------- ----------
Movement in cash and cash equivalents (986) 112 1,071
Currency exchange movements 42 26 29
Opening cash and cash equivalents 4,006 2,906 2,906
---------- ---------- ----------
Closing cash and cash equivalents 3,062 3,044 4,006
====== ====== ======
Notes to the Condensed Financial Statements
1 Company information
Filtronic plc is a company registered and domiciled in the
United Kingdom and is listed on the AIM market of the London Stock
Exchange. The Company's registered number is 2891064. The address
of the Company's registered office is Filtronic plc, Filtronic
House, Unit 3, Airport West, Lancaster Way, Yeadon, West Yorkshire,
LS19 7ZA.
Copies of the Company's Annual Report and interim financial
report are available from the Company's registered office or the
Company's website at www.filtronic.com.
2 Basis of preparation
Whilst the financial information included in this preliminary
statement has been prepared on the basis of the requirements of
IFRSs in issue, this statement does not itself contain sufficient
information to comply with IFRS.
These financial results for the six months ended 30 November
2022 do not comprise statutory accounts within the meaning of
Section 434 of the Companies Act 2006. The interim report should be
read in conjunction with the Annual Report 2022, which includes
annual financial statements for the year ended 31 May 2022. Those
accounts have been reported on by the Company's auditor and
delivered to the registrar of companies. The report of the auditor
was (i) unqualified (ii) did not include a reference to any matters
to which the auditor drew attention by way of emphasis without
qualifying their report, and (iii) did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
The condensed consolidated financial statements for the six
months ended 30 November 2022 consolidate the financial statements
of the Company and all of its subsidiaries (together referred to as
the "Group"). Transactions between Group companies, which are
related parties, have been eliminated upon consolidation and
therefore do not require disclosure.
he condensed consolidated financial statements for the six
months ended 30 November 2022 and comparative period have not been
audited. The interim financial report for the six months ended 30
November 2022 was approved by the Board on 6 February 2023.
3 Going Concern
In accordance with corporate governance requirements the
directors have undertaken a review of forecasts and the Group's
cash requirements to consider whether it is appropriate that the
Group continues to adopt the going concern assumption.
The directors have reviewed the projected cash flow and other
relevant information, including a 'severe but plausible' scenario
and have a reasonable expectation that the Group has adequate
resources to continue in operational existence and therefore it
remains appropriate to adopt the going concern basis in preparing
the interim financial report for the six months ended 30 November
2022.
4 Accounting estimates and judgements
The preparation of the financial statements requires the use of
accounting estimates and judgements that affect the application of
accounting policies and reported amounts of assets and liabilities,
income and expenses. The accounting estimates and judgements are
continually evaluated and are based on historical experience and
other factors, including expectations of the future that are
believed to be reasonable under the circumstances. Actual results
may differ from the expected results. Revisions to accounting
estimates are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the period
of the revision and future periods if the revision affects both
current and future periods. The accounting estimates and judgements
that have a significant effect on the financial statements are
considered in the Filtronic plc Annual Report for the year ended 31
May 2022 which can be found on the Filtronic website. Unless stated
below there is no material change to those judgements from the
Annual Report in the basis of calculation.
5 Segmental Analysis
Operating Segments
IFRS 8 requires consideration of the identity of the Chief
Operating Decision Maker ('CODM') within the Group. In line with
the Group's internal reporting framework and management structure,
the key strategic and operating decisions are made by the Chief
Executive Officer, who reviews internal monthly management reports,
budget and forecast information as part of this. Accordingly, the
Chief Executive Officer is deemed to be the CODM.
The CODM has identified one operating segment within the Group
as defined under IFRS 8. In turn, this is the only reportable
segment of the Group as the entities in the Group have similar
products and services, production processes and economic
characteristics. Therefore, there is no allocation of operating
expenses, profit measures or assets and liabilities to specific
commercial markets.
Accordingly, the CODM assesses the performance of the operating
segment on financial information which is measured and presented in
a manner consistent with those in the financial statements by
reference to Group results against budget.
The Group profit measures are adjusted operating profit and
adjusted EBITDA, both disclosed on the face of the consolidated
income statement. No differences exist between the basis of
preparation of the performance measures used by management and the
figures in the Group financial statements.
The Group has three customers representing individually over 10%
of revenue each and in aggregate 82% of revenue. This is split as
follows:
-- Customer A - 41% (2022: 21%)
-- Customer B - 24% (2022: 38%)
-- Customer C - 17% (2022: 29%)
Revenue by Destination
The revenue presented is based on the geographic location of
customers receiving the product/service from the continuing
operations.
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
GBP000 GBP000 GBP000
Revenue
United Kingdom 2,647 3,662 7,489
Europe 1,258 1,294 3,421
Americas 2,323 2,573 5,313
Rest of the world 2,140 475 829
---------- ---------- ----------
8,368 8,004 17,052
====== ====== ======
Revenue from sales
The revenue presented is based on the Group deriving revenue
from product sales and those received from Non-Recurring
Engineering ("NRE") at a point in time when the performance
obligation is satisfied.
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
GBP000 GBP000 GBP000
Revenue
Sales of product 7,927 7,428 16,580
NRE - point in time 441 576 472
---------- ---------- ----------
8,368 8,004 17,052
====== ====== ======
6 Finance costs
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
GBP000 GBP000 GBP000
Interest expense for lease arrangements 70 65 127
Minimum service costs and interest
charges on invoice discounting
facilities 55 39 67
---------- ---------- ----------
125 104 194
====== ====== ======
7 Finance income
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
GBP000 GBP000 GBP000
Revaluation of foreign currency
denominated intercompany balance 82 68 111
---------- ---------- ----------
82 68 111
====== ====== ======
8 Basic and diluted earnings per share
6 months 6 months Year
Ended Ended Ended
30 November 30 November 31 May
2022 2021 2022
GBP000 GBP000 GBP000
Profit for the period 464 677 1,468
====== ====== ======
'000 '000 '000
Basic weighted average number of
shares 215,119 214,493 214,726
Dilution effect of share options 1,189 812 868
----------- ----------- ----------
Diluted weighted average number of
shares 216,308 215,305 215,594
======= ====== ======
Basic earnings per share (pence) 0.22p 0.32p 0.68p
Diluted earnings per share (pence) 0.21p 0.31p 0.68p
====== ====== ======
9 Share Capital
Ordinary shares of 0.1p
each issued and fully paid
Number '000 GBP000
At 30 November 2021 214,615 10,795
Exercise of employee share options 183 1
-------------- ---------
At 31 May 2022 214,798 10,796
Exercise of employee share options 323 -
------------ ------------
At 30 November 2022 215,121 10,796
======== ======
Holders of the ordinary shares are entitled to receive dividends
when declared and are entitled to one vote per share at meetings of
the Company.
10 Share Premium
GBP000
At 30 November 2021 11,050
Exercise of employee share
options 10
-----------
At 31 May 2022 11,060
Exercise of employee share
options 17
-----------
At 30 November 2022 11,077
=======
11 Analysis of net cash/(debt)
1 June Cash Other movements 30 Nov
2022 Flow 2022
GBP000 GBP000 GBP000 GBP000
---------- ---------- ---------------- ----------
Cash and cash equivalents 4,006 (986) 42 3,062
---------- ---------- ---------------- ----------
Lease liability - plant and equipment (863) 183 2 (678)
---------- ---------- ---------------- ----------
--------- --------- --------- ---------
---------- ---------- ---------------- ----------
Net cash when including all debt
except property leases 3,143 (803) 44 2,384
---------- ---------- ---------------- ----------
Lease liability - property lease (957) 140 (605) (1,422)
---------- ---------- ---------------- ----------
--------- --------- --------- ---------
---------- ---------- ---------------- ----------
Net cash 2,186 (663) (561) 962
---------- ---------- ---------------- ----------
====== ====== ====== ======
---------- ---------- ---------------- ----------
Cash at bank earns interest at floating rates based on daily
bank deposit rates.
At 30 November 2022, the Company had a GBP3.0m invoice
discounting facility in place with Barclays Bank plc against the UK
debtor book and a $4.0m factoring facility with Wells Fargo against
the US debtor book. There were no drawings on either of the
facilities at 30 November 2022 (31 May 2022: undrawn).
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