The share price has taken off at Filtronic plc following a contract win with Elon Musk’s SpaceX.
The firm is described as a global leader in RF (radio frequency) technology which also solves complex challenges around microwave and mmWave. It effectively builds mission-critical communication networks.
Filtronic, which designs and manufactures products for the aerospace, defence, space and telecoms infrastructure markets, said the contract was worth £16.8m and will be fulfilled in both FY2025 and FY2026.
The board said it is now confident the business will exceed current market expectations for revenue and profit in both FY2025 and FY2026.
“We are delighted to have secured this substantial order, which underscores Filtronic’s reputation for delivering high-performance RF solutions to our market-leading customer,” said CEO Nat Edington.
“This contract, alongside our growing momentum in strategic markets, provides us with increased confidence in our ability to exceed our growth targets for FY2025 and FY2026.”
Filtonic’s share price has soared from around 92p at close on Friday to 106p at the time of writing on Tuesday (12pm).
Filtronic, an existing SpaceX partner, opened a new office at Cambridge Science Park late last year and announced a string of leadership appointments including David Marshall as director of programmes and Antonino Spatola as chief commercial officer.
Its other clients include BAE Systems, the UK Space Agency and Leonardo.