London, July 6, 2026, 16:09 (BST)
- Filtronic plc (LON:FTC) was quoted at 255p/265p, up about 9%, while the FTSE AIM 100 was up 0.30%.
- AIM was scheduled for normal Monday trading from 08:00 to 16:30 London time; the dateline falls inside that window.
- The latest company RNS in public feeds was the June 23 contract and trading update, which put FY2026 revenue at least £55.5 million and adjusted EBITDA at least £11.1 million.
Filtronic plc (LON:FTC) rose about 9% on Monday, a sharp move for a stock with no new company statement in the public regulatory feeds checked. AJ Bell showed the shares at 255p to sell and 265p to buy, up 21.25p, or 8.93%, with about 1.09 million shares traded and a market value of £570.09 million. Hargreaves Lansdown showed a similar gain of 22p, or 9.24%.
The more useful read is valuation. Using AJ Bell’s market value and Filtronic’s June 23 net cash figure of £11.3 million, the stock’s enterprise value was about £559 million. Against the company’s own FY2026 floor of £55.5 million revenue and £11.1 million adjusted EBITDA, that puts the shares near 10 times sales and 50 times adjusted EBITDA.
| Market measure | Monday value | Investor read |
|---|---|---|
| Bid/offer | 255p / 265p | Midpoint about 260p |
| Change | +21.25p / +8.93% | Rebound from 238p previous close |
| Market value | £570.09 mln | Still below 480p year high |
| Net cash, ex leases | £11.3 mln | Cuts enterprise value to about £559 mln |
| FY2026 EV/revenue | 10.1x | Based on company floor of £55.5 mln |
| FY2026 EV/adjusted EBITDA | 50.3x | Based on company floor of £11.1 mln |
That is why Monday’s bounce matters. Filtronic has order cover, cash and demand from satellite and defence customers, but the share price is already paying for a lot of future scale. The risk for holders is less about whether the business has work. It is about whether that work converts into FY2027 revenue without a fresh margin squeeze.
On June 23, Filtronic said it had won a second contract with a U.S.-based customer for satellite payload technology, worth about $0.5 million, after an $8.0 million contract with the same customer in March. The company said the new revenue would be booked in FY2027 and that its order book already covered 90% of FY2027 consensus revenue. Chief Executive Nat Edington said the group was “building increasing visibility across key programmes” and “entering FY2027 with real momentum and confidence.” Investegate
| Forecast marker | FY2026 | FY2027 / target marker | Read-through |
|---|---|---|---|
| Company update, June 23 | Revenue at least £55.5 mln; adjusted EBITDA at least £11.1 mln | Order book covers 90% of FY2027 consensus revenue | Company gave a floor, not a full FY2027 guide |
| Edison, Feb. 12 | Revenue £54.1 mln; EBITDA £10.1 mln; EPS 2.53p | Revenue £59.6 mln; EBITDA £11.8 mln; EPS 2.68p | June update ran ahead of Edison’s older FY2026 line |
| S&P Global data via StockAnalysis, updated June 24 | Revenue £55.67 mln; EPS 3p | Revenue £62.55 mln; average 12-month target 358p, range 275p-440p | Implies FY2027 revenue growth after a flat FY2026 |
| Berenberg, June 23 | Revenue and EBITDA at least £55.5 mln and £11.1 mln | Target lifted to 440p from 360p | Bull case rests on larger on-satellite orders |
Edison analyst Katherine Thompson wrote in February that Filtronic was “working with five companies in the space market” and had “a growing pipeline of business in the defence sector.” Her note kept FY2026 and FY2027 revenue and EBITDA forecasts, with a small revenue decline in FY2026 before growth returned in FY2027. Edison Group
Berenberg took the other side of the valuation worry after the June update. The bank lifted its target price to 440p from 360p and kept a buy rating, saying the new on-satellite development contract supported a higher forward revenue run-rate. The same broker note said SpaceX’s share of revenue had fallen from 83% as defence and other clients scaled up.
The split between today’s price and the forecast range is wide. S&P Global data shown by StockAnalysis put the average one-year target at 358p, with a low of 275p and a high of 440p. At a 260p midpoint, the low target is only about 6% above the stock, while the high target is about 70% higher.
Filtronic said full-year results for the year ended May 31 will be released on Aug. 4.
