Filtronic PLC Contract win (3926W)
August 01 2018 - 2:00AM
UK Regulatory
TIDMFTC
RNS Number : 3926W
Filtronic PLC
01 August 2018
1 August 2018
Filtronic plc (the "Company")
New Contract Win and Invoice Finance Agreement
Filtronic plc (AIM: FTC), the designer and manufacturer of
antennas, filters and mmWave products for the wireless telecoms and
critical communications markets, is pleased to announce the receipt
of initial production orders from a major European OEM for its
Massive MIMO ("mMIMO") antenna product.
The orders, valued at approximately $2.0 million, represent an
initial production requirement for the mMIMO antenna recently
developed under the agreement previously announced on 4 April 2018.
The Company expects to fulfil this order in the first half of its
current financial year to 31 May 2019 with an expectation that
further production orders will follow. We are currently working
with our customer to establish the likely demand profile and timing
of these future orders.
In addition to the contract win, the Company's wholly owned US
subsidiary, Filtronic Wireless Inc ("FWI"), has entered into a
sales invoice finance agreement with Wells Fargo Bank. Under the
terms of the agreement FWI may draw down up to $4.0 million of cash
against its available debtor book. This new arrangement is in
addition to the GBP3.0 million sales invoice discounting facility
provided by Barclays Bank plc to the Company's UK subsidiaries.
Rob Smith, CEO, commented "We are delighted to receive these
initial production orders for our mMIMO antenna. The announcement
on 30 July 2018 by T-Mobile and Nokia stating that Nokia will
supply T-Mobile with $3.5 billion of early stage 5G Network
Equipment as part of T-Mobile's first US nationwide 5G rollout
underpins our confidence in our decision to focus considerable
energy and resources over the past year on our mMIMO developments.
mMIMO is a key technology for Mobile Telecommunications Networks as
it uses licensed spectrum far more efficiently, thereby increasing
existing network capacity. It enables the use of beamforming
techniques which will be an essential requirement of 5G networks.
The orders demonstrate our credibility and capability as a supplier
of complex antennas into the telecoms market."
Enquiries:
Filtronic plc Tel. 0113 220 0000
Rob Smith (CEO) Tel. 07810 774 688
Michael Tyerman (Finance Director) Tel. 07956 029 502
Panmure Gordon (UK) Limited Tel. 020 7886 2500
Dominic Morley / Alina Vaskina (Corporate
Finance)
Erik Anderson (Corporate Broking)
Walbrook PR Limited Tel. 020 7933 8780 or filtronic@walbrookpr.com
Paul Cornelius Mob. 07866 394 707
Sam Allen Mob. 07884 664 686
Notes:
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
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END
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