08:46 07 February 2020
Leeds-based Filtronic, which specialises in designing and manufacturing products for wireless telecoms and communications market, continues its search for a new CEO. Its former CEO, Rob Smith, has resigned the position on 31 October 2019. The firm hopes to have a replacement before the end of the second half of the year.
The news follows the firm’s announcement that it achieved £7.5million revenue over the half year. It also revealed that it had disposed of the Telecoms Antenna Operation and is now focusing on its original equipment manufacturer (OEM) customer for its Orpheus product and initial demand for the next-generation Morpheus.
Reg Gott, the company's chairman, said: "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 board is committed to revenue growth initiatives and intends to strengthen the sales and marketing organisation and extend engineering capacity across a range of disciplines during the course of this calendar year.
He added: "The recent design wins to develop X-Haul derivatives to major players in the High-Altitude Pseudo-Satellite and 5G mmWave equipment markets were key milestones on our strategic roadmap.
"However, this 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 (second half0 profit development.
"These new contracts enable us to further extend our engineering capability, know-how and highlight our ability to develop a competitive position across a wider market".