- Antennas designer and manufacturer Filtronic said it expected to report an annual loss as uptake of the recently introduced multiple-input and multiple-output antennas were expected 'substantially lower' than forecast in the second half of year.

The company blamed the poor uptake on the multiple-input and multiple-output, or MIMO, antennas on a OEM customer lowering its forecast demand on the back of a lead client's decision to deploy different frequencies to those it had originally indicated.

Sales in the first half of the financial year fell to £10.4m from £12.8m a year earlier.

'The board is of the opinion that it has sufficient cash reserves to allow it to operate at this lower level of revenue whilst it explores and executes an alternative strategy for the antenna business,' the company said.

At 9:56am: [LON:FTC] Filtronic PLC share price was -9.9p at 8.1p

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