LONDON (dpa-AFX) - Filtronic plc (FTC.L), a manufacturer of antennas, filters and mmWave products, Wednesday reported lower sales for the first half and said it expects to be loss-making for the current financial year.
For the half year, the company reported sales of 10.4 million pounds, compared to last year's 12.8 million pounds.
Looking ahead, the company said it now expects demand for the recently introduced Massive MIMO antennas to be substantially lower than its earlier forecast. As a result, the Company expects to be loss-making for the current financial year.
In addition, the Board is of the opinion that it has sufficient cash reserves to allow it to operate at this lower level of revenue whilst it explores and executes an alternative strategy for the antenna business.
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