Filtronic – with increasing orders - expect a gradual upward price move ahead of the AGM Trading Update at the end of this month
Mark Watson-Mitchell - -01.10.2026
Many investors in the £520m-capitalised communication products group Filtronic (LON:FTC) must be hoping for another big share price run like that enjoyed from end-March to end-May this year.
It was in that period the market got over-excited about the US launch of the SpaceX IPO, taking any shares in companies with an extra-terrestrial connection to new price Highs.
In those two months the shares of Filtronic, the designer and manufacturer of advanced RF solutions for the space, aerospace and defence, and telecoms infrastructure markets, which is also a supplier to SpaceX, rose from 158p to a 480p High.
The euphoria around space stocks literally exploded.
So too did share prices – rising to the stratosphere, before falling back to earth by end-June.
By then Filtronic’s shares eased back to 230p, before a couple of fillips spun them higher again into the 285p range a month later.
They have subsequently fallen away to the 205p level seen a month ago, before rising back to trade within the 220p to 260p range – they are now at 252.50p.
So why am I recalling these trading points?
Because at the end of this month, on Friday 30th October, up at its Sedgefield, County Durham offices, Filtronic will be holding its AGM to approve the Report & Accounts for its year to end-May.
2026 Final Results
On Tuesday 4th August, the Group reported its audited full-year results for the year to end-May, with revenue slightly decreasing to £55.5m from £56.3m in the prior year, while adjusted EBITDA fell to £11.3m from £17.0m.
Despite this, the Company secured significant new contracts, including a $62.5m order from SpaceX for E-band GaN technology and an £13.4m contract with a European defence prime, contributing to a strong order book that provides approximately 90% coverage for FY2027 revenue expectations.
The Company also completed the move to its new Sedgefield facility, increasing its production capacity, and saw its customer diversification efforts reduce reliance on its largest customer to 68% of revenue.
New Orders
On Wednesday, 16th September, Filtronic announced that it had secured an $8m follow-on contract with a US customer for the design, development, and build of prototype satellite payload units, significantly expanding a previous $0.5m development contract and adding to an existing $8m amplifier technology order.
That new contract, valued at £5.9m, reinforces its leadership in mmWave satellite technology, and is expected to generate revenue across FY2027 and FY2028, with completion anticipated in H1 FY2028, providing enhanced revenue visibility.
This morning, Thursday 1st October, the Group announced a significant $68.1m (£51.3m) follow-on order from SpaceX for its Cerus E-band gallium nitride Solid State Power Amplifier units, representing the largest order from SpaceX to date and strengthening their strategic partnership.
This order, expected to be materially fulfilled during FY2028, underpins the company's financial expectations for that fiscal year and provides enhanced revenue visibility, demonstrating the growing commercial adoption of Filtronic's proprietary GaN technology.
CEO Nat Edington stated that:
“This follow-on order from SpaceX, is another significant milestone for Filtronic, providing extended order visibility and coverage over the next couple of years.
This order provides further evidence of the growing importance of GaN technology in high-frequency communications and reinforces Filtronic’s position at the leading edge of this transition.
This order also provides significant revenue visibility into FY2028 and beyond, representing another important step for the business but also the continued development of our partnership with SpaceX.”
Management Comment
Commenting upon the Finals CEO Nat Edington stated that:
"FY2026 reflects the continued evolution of Filtronic into a business operating at greater scale, with stronger visibility, a growing product-led offering and an expanding opportunity across our core markets.
We have continued to strengthen strategic customer relationships, progress our technology roadmap and invest in the capabilities required to support long-term growth.
With a strong order book already providing substantial coverage for FY2027 revenues and growing engagement across key programmes, we are excited about the opportunities ahead."
Chairman Jonathan Neale, in the latest Report & Accounts, stated that:
“The foundations that have been established over recent years provide confidence that the Company is well placed to deliver sustainable long-term growth and create enduring value for all of its stakeholders.
The Group enters FY2027 with a strong order book and multi-year customer commitments which gives the Board a high level of confidence to deliver the current market expectation.
To address a key strategic priority, the customer concentration of our lead client is expected to reduce further whilst increasing revenue, reflecting the progress we are making on new customer acquisition.
The market phasing and timing of our product road maps will mean that revenue and profitability are expected to be weighted towards the second half of the year as we ramp to volume on our next-generation E band Gallium Nitride monolithic microwave integrated circuit technology programme.
We look to the future with confidence while remaining committed to the disciplined governance and long-term stewardship that will continue to underpin the Company’s success.”
The Equity
There are some 219.94m shares in issue.
The larger holders include David Newlands (7.98%), Schroder Investment Management Ltd. (4.96%), Legal & General Investment Management Ltd. (4.82%), Titan Settlement & Custody Ltd. (4.75%), Dowgate Wealth Ltd. (4.29%), Mark Hollingsworth Dixon (3.64%), Harwood Capital LLP (2.96%), Driehaus Capital Management LLC (2.94%), Hargreaves Lansdown Fund Managers Ltd. (2.63%), and Octopus Investments Ltd. (2.43%).
Broker Views
Subsequent to the August Finals, Berenberg Bank put out a Buy note on the Group, with a reiterated 440p Target Price on its shares.
The Berenberg analysts – Jon Byrne, William Larwood, Alex Short and Dylan Jones – consider that:
“Filtronic is well-positioned to benefit from the ongoing space infrastructure build out, and that it continues to invest for that significant opportunity ahead, with record order book diversification and coverage.”
Analysts Edward Stacey and Kimberley Carstens, at Cavendish Capital Markets, also rate the Group’s shares as a Buy, but with a 290p Target Price.
“After a record order book reported at FY26 results and commencement of manufacturing at its £200m revenue capacity state-of-the-art facility, and major new orders in European satellite and defence programmes announced through FY26, we believe Filtronic is positioned for strong revenue growth in FY27E and over the next 3-5 years.”
My View
I consider that investors will push the shares, now at 252.50p, back up again ahead of the AGM Trading Update at the end of October – possibly to trade the 275p/300p price range.
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