Revenues rocket after landmark deal with SpaceX

REVENUE has soared by 121% at radio frequency and microwave technology specialist Filtronic, with momentum to be carried into next year.

- TOM KEIGHLEY

The Sedgefield-based business, which also has a base in Leeds, saw revenue climb to £56.3m in the year to the end of May, up from £25.4m the year before, as operating profit more than tripled to £13.4m from £3.6m.

Nat Edington, chief executive of the AIM-listed manufactured, called it a "transformative" year for the business, which recently expanded manufacturing capabilities at its NETpark site.

Filtronic has scored a number of high value contracts with established, aerospace, defence and space operators including Leonardo and Airbus.

But it has been its landmark deal with US rocket company SpaceX which has set it on a course of accelerate growth.

In results published for investors on the London Stock Exchange, Filtronic said delivering for increased demand from Elon Musk’s firm had been a defining moment of the year.