StockMarketWire.com - Communications company Filtronic swung to a loss in the first half of the year as revenue fell and costs jumped amid efforts to restructure the business, which included the sale of the telecoms antenna operation.

For the six months ended 30 November 2019, the company reported a pre-tax loss of £671K compared with a profit of £369K on-year as revenue fell 16% to £7.5m

The company incurred an expectational cost of £825K on costs to restructuring the group after the disposal of the Telecoms Antenna operation along with the compensation paid to the company's previous CEO on resignation.

Looking ahead, Filtornic said it expected to meet earnings (EBITDA) market expectations for the full year.

'The sale of the FTAO business enables us to implement an effective operating structure across a more efficient footprint and provides us with a stronger balance sheet to further develop and grow the business,' the company said.

'NRE funded development work will run through the next 16 months meaning revenue will largely not be recognised until FY2021, slightly limiting our progress in H2 profit development,' it added




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