Filtronic AIM:FTC
- Founded
- 1977 · Sedgefield, England
- Incorporated
- United Kingdom
- Chief executive
- Nat Edington
- Employees
- 165
- Reports in
- GBP
- Companies House
- 02891064
Designer of radio-frequency and millimetre-wave components, amplifiers and transceiver modules for space, aerospace, defence and telecoms. Best known as a key supplier of ground-station amplifiers to SpaceX for the Starlink constellation, alongside work for defence primes and 5G backhaul vendors.
Read straight from the annual reports
272p at close on 2 Oct 2026 · 12 reported years, 2015–2026
| Line | FY201505/15 | FY201605/16 | FY201705/17 | FY201805/18 | FY201905/19 | FY202005/20 | FY202105/21 | FY202205/22 | FY202305/23 | FY202405/24 | FY202505/25 | FY202605/26 | FY2027unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | later 21.6 | ||||||||||||
| Operating profit | later 3.2 | ||||||||||||
| Adjusted operating profit | — | — | — | — | |||||||||
| Exceptional items | vs (0.74) | — | — | — | |||||||||
| Net finance cost | |||||||||||||
| Profit before tax | later 2.7 | ||||||||||||
| Tax charge | later (0.06) | ||||||||||||
| Profit for the year | |||||||||||||
| EBITDA | |||||||||||||
| Basic EPS | |||||||||||||
| Diluted EPS | |||||||||||||
| Dividend per share | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
12 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo.
Strategic partnership and expanded order intake from lead customer SpaceX (E-band SSPAs for Starlink)
Lead customer's expansion of their constellation contributed 83% of revenue in FY2025 (2024: 48%)
page 14New space, aerospace and defence contract wins
Contract wins with Airbus, Oneweb and Viasat, plus BAE, QinetiQ and European Space Agency programmes won in prior year delivering in FY2026
page 20Greater proportion of business from higher-value space and aerospace/defence contracts
Gross margins benefited from a greater proportion of business coming from higher-value space and aerospace and defence contracts
page 6Reduced proportion of low-margin 5G telecommunications equipment
More favourable sales mix, supported by a reduced proportion of low margin 5G telecommunications equipment which is highly competitive/price sensitive, contributed to margin improvement
page 15£1.3m charge: Share warrant charge (SpaceX contract asset amortised to revenue)
page 65We enter FY2026 facing headwinds from a weakened USD but with a growing pipeline and increased customer engagement across multiple markets. With a robust order book, world-class talent, and a clear innovation strategy, we are well-positioned to lead in the converging sectors of communications, aerospace and defence, and space.
page 5Post period end, Group secured its largest contract in recent history of $32.5m (£24.0m) via new contract awards from Leonardo (defence) and Airbus (satellite communications)
page 4No dividend proposed for FY2025 (2024: £nil); strategic focus remains on retaining capital for long-term value creation through technology development, talent acquisition, and infrastructure expansion rather than paying a dividend
page 4Directors adopted the going concern basis after reviewing forecasts, base case and severe-but-plausible downside scenarios over a 3-year period; cash at bank £14.5m and undrawn £5.0m RCF with Santander provide headroom. Auditor Crowe U.K. LLP issued an unqualified opinion (true and fair view); key audit matters were accounting for SpaceX share warrants and capitalisation of development costs (£1.5m)
page 61- Reliance on key customers - concentration risk from largest customer(s), currently increased due to SpaceX order intakep.20
- Failure to deliver projects on time or to specificationp.21
- Failure to identify market requirements / rapid technology changep.21
- Recruitment - reliance on key skills and knowledge of people, particularly engineering talentp.21
Read from C000469-AR-2026-website.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10), Company website (1)
FY2027Next report expected 7 Aug 2027