Highlights

  • Filtronic reported H1 FY2026 revenue of GBP 25.3 million, broadly steady year on year.
  • Net cash excluding leases rose to GBP 8.2 million as of 30 November 2025.
  • The company entered H2 FY2026 with a record order book and high revenue coverage.
  • Filtronic secured contracts totalling USD 62.5 million and GBP 13.4 million.
  • Approximately 90% of FY2026 revenue is covered by contracted orders.

Filtronic PLC (LSE:FTC) released its interim results on 3 February 2026, covering the six months ended 30 November 2025. The update outlined financial performance aligned with board expectations and highlighted continued momentum in new business activity across aerospace, defence, space, and communications markets.

Revenue for H1 FY2026 stood at GBP 25.3 million, compared with GBP 25.6 million in the prior-year period, which had benefited from peak deliveries on major space programmes. The company reported a more evenly distributed delivery profile during the current period, alongside continued investment in operational capacity and product development.

Adjusted EBITDA for the period was GBP 5.1 million, down from GBP 8.7 million in H1 FY2025, while operating profit declined to GBP 2.6 million from GBP 6.8 million.

Profit for the H1 FY2026 was GBP 2.6 million, compared with GBP 6.7 million a year earlier. Basic earnings per share were reported at GBX 1.20, with diluted earnings per share at GBX 1.14.

Cash generated from operating activities increased to GBP 3.4 million, compared with GBP 2.1 million in the prior period. As of 30 November 2025, net cash stood at GBP 8.2 million excluding right-of-use property leases, up from GBP 5.1 million at the same point last year.

Order Wins and Customer Diversification

During the first half, Filtronic recorded notable contract activity, including its largest contract to date with SpaceX, valued at USD 62.5 million. Additional multi-year agreements included a EUR 7.0 million contract with a European space customer and a GBP 13.4 million contract with a European defence prime. These developments contributed to increased diversification across customer segments and end markets.

Strategy Execution and Operational Developments

The company continued progress on its five-year growth strategy, with deployment of GaN E-band products and ongoing development across additional frequency bands. A 550W Ka-band solid-state power amplifier programme is underway, supported by a GBP 1.2 million UK Space Agency NSIP award received after the reporting period. Filtronic also completed a self-funded relocation to a larger headquarters and manufacturing facility during H1 FY2026 to support higher production capacity.

Outlook and Order Visibility

Filtronic entered the second half of FY2026 with a record order book. Approximately 90% of FY2026 revenues are covered by contracted orders, providing visibility for the remainder of the financial year. The board indicated confidence in meeting current market expectations for FY2026 revenue and EBITDA.

FTC shares were trading 2.13% lower at GBX 179.10 per share at the time of writing on 3 February 2026.