Image source: Shutterstock

Highlights:

  • FTC’s FY25 revenue surged 120% YoY to GBP 56.3 million, with EBITDA ahead of expectations.
  • The company strengthened its market presence in European space and defence with new contracts from Airbus, Viasat, and Leonardo.
  • FTC enters FY26 with a decent order book and expands satellite focus beyond LEO to GEO and MEO.

Filtronic plc (AIM: FTC) is a UK-based technology company that designs, develops, and manufactures advanced radio frequency (RF), microwave, and millimeter-wave components and subsystems.

The company has reported a sharp rise in revenue and earnings for the financial year ended 31 May 2025. The company confirmed that both revenue and adjusted EBITDA came in marginally ahead of upgraded market expectations, marking a second consecutive year of accelerated growth.

According to its trading update, revenue is expected to reach approximately GBP 56.3 million, more than double the GBP 25.4 million posted in FY24. Adjusted EBITDA is forecast to be no less than GBP 16.6 million, up from GBP 4.9 million in the previous year. These results come after multiple forecast upgrades over the financial year.

Filtronic’s cash position has also improved significantly. As of 31 May 2025, the company held GBP 14.5 million in cash, with net cash of GBP12.3 million, up from GBP 5.1 million six months earlier. The company attributed its performance to a continued transformation effort, including enhanced go-to-market capabilities, stronger innovation output, and wider customer engagement. Notably, Filtronic deepened its footprint in the European space and aerospace and defence sectors.

Key contract wins included deals with Viasat and the European Space Agency, positioning Filtronic in the growing direct-to-device communications market. The company also secured an order from Airbus for technology supporting the OneWeb satellite constellation. These engagements complement Filtronic’s established relationship with its lead space customer.

In the defence sector, a new GBP 0.8 million order from Leonardo marked Filtronic’s entry into an additional programme with the aerospace and defence contractor. The company expects to benefit from increased European defence spending and market trends such as demand for sovereign capability and RF engineering expertise.

FY2025 also saw Filtronic extend its leadership in RF solutions through product innovation. The company recently launched its Prometheus V-band Amplifier at the IMS industry event in the United States. This amplifier, designed for ground station uplinks, offers higher bandwidth and capacity than current lower mmWave frequency band solutions used for satellite communications. In addition, chipset developments targeting new frequency bands remain on track, with product readiness anticipated in early calendar 2026.

Looking ahead, Filtronic enters FY2026 with a healthy order book and growing commercial pipeline. The company is now actively targeting opportunities across GEO, MEO, and LEO satellite domains, expanding beyond the low Earth orbit market that has driven much of its recent success. Management stated that the business is well positioned to meet market expectations for FY2026.