Interim Management Statement

21 Sep 2007 07:02

Filtronic PLC21 September 2007 Filtronic plc Interim Management Statement Filtronic announces its first Interim Management Statement for the period from 1June 2007, ahead of today's AGM. Overall, sales from continuing operations for the first quarter are ahead of thesame period last year. Internal, unaudited operating accounts indicate anunderlying operating profit for the period, with a good performance in Point toPoint, where customer demand remains strong, and satisfactory trading fromCompound Semiconductors and Defence. The disposal projects and the restructuring of the pension scheme, in which thecompany is engaged, have continued to make positive progress and remain active. At the end of August, the net cash balance was £110.3m after settlement of theproduct liability claim within Wireless Infrastructure of £5.8m and £2.0mpartial payment of the expected £5.3m of top up amounts relating to the offer ofenhanced transfer value to deferred members of the Filtronic defined benefitpension scheme. The Board reiterates its intent to return cash to shareholders once theconditions for this we have set out in the report and accounts have beenfulfilled. Looking forward, the company has received a number of one off, short term switchwafer orders at Compound Semiconductors which will have a beneficial effect ontrading over the coming months. There have been no other significant changes in the position of the company overthe period since the publication of its report and accounts for the year ended31 May 2007. Trading results for the first six months of the financial year ending 30November 2007 will be announced in January 2008. Contacts: Filtronic plc John Poulter, Chairman 01274 415 325Charles Hindson, Chief Executive 07800 706 319 (mobile) Filtronic website: www.filtronic.com Parkgreen Communications Ltd 020 7479 7933Paul McManus 07980 541 893 (mobile) This information is provided by RNS The company news service from the London Stock Exchange