Filtronic shares up on profit forecast

By The Newsroom
Published 24th Jul 2007, 01:00 BST
TELECOMS technology outfit Filtronic said it should return to profit this year, sending the shares sharply higher.

The company said in a statement that, due to progress at two of its businesses and reduced central costs, it should erase an operating loss that came in at 5.3 million for the year to the end of May, down from 10.9m. Revenues from continuing operations were 73.5m, up from 63m.

Filtronic said it was still resolving issues preventing a promised return of cash to shareholders, such as reaching an agreement with the trustees of the company pension scheme. It said it had reduced the size of the scheme's liabilities by 35 per cent.