Sedgefield-based advanced communications specialist Filtronic more than doubled annual revenues and tripled profits on the back of major contract wins in the space and defence sectors.
The AIM-listed company grew revenues to £56.3 million in the year to 31 May 2025, a 121% increase.
Adjusted EBITDA surged to £17m from £4.9m, while operating profit rose to £13.4m from £3.6m the year before.
The major increases come in a record financial year in which the company agreed a landmark agreement with Elon Musk’s SpaceX, as well as contracts with Viasat, Airbus and the European Space Agency in the satellite sector.
In defence, it secured an airborne radar programme with Leonardo and made progress with both QinetiQ and BAE Maritime Systems.
“FY2025 has been an excellent year for Filtronic plc, marked by exceptional operational execution, accelerated growth, and strategic wins across our core markets,” said Filtronic chairman, Jonathan Neale.
“Building on the momentum established in FY2024, we entered this year with conviction – and have delivered record-breaking performance across multiple fronts.
“We have a clear five-year product and technology roadmap and have made targeted investments in our customer-facing functions to ensure close alignment with client needs.
“These efforts are already yielding greater market insight, sharper product focus and promising new business opportunities.”
The company, which has a market cap of £271.5m, also launched Prometheus, which is said to be the most powerful solid-state power amplifier currently available.
It also advanced its transition to Gallium Nitride (GaN) technology, boosting performance for satellite and defence systems.
Filtronic increased R&D spending to £6.7m, more than double the prior year, with £1.5m capitalised.
To support its growth ambitions, the company opened a new engineering office in Cambridge to attract radio frequency (RF) and software talent, while construction is underway at a custom-built facility in Sedgefield that will double UK manufacturing capacity when completed next year.
With a £5m undrawn revolving credit facility allowing for more flexibility, it expects continued double-digit growth in its next financial year.
Since trading opened this morning, its share price has increased from 122.6p to 126p at the time of writing.