LONDON (dpa-AFX) - Filtronic plc (FTC.L), a manufacturer of antennas, filters and mmWave products, reported a pretax profit of 0.14 million pounds for the year ended 31 May 2019, down from a restated 2.65 million pounds in the prior year. Basic loss per share was 0.63 pence, compared to profit of 0.59 pence a year ago.
Loss for the year was 1.31 million pounds, compared to profit of 1.23 million pounds a year ago.
Operating profit for the year fell to 0.23 million pounds from a restated 3.20 million pounds in the prior year.
Earnings before interest, taxation, depreciation and amortisation or EBITDA was 0.66 million pounds, compared to 3.64 million pounds in the previous year.
Revenue from continuing operations for the year declined 26 percent to 15.93 million pounds from a restated 21.63 million pounds last year.
The company noted that the decline in revenue was a result of its previously announced strategic withdrawal from the low-margin telecom filter business and an exceptional short-term revenue opportunity that the company benefited from in the public safety market in fiscal 2018.
The company said that no dividend is proposed for the year as it board continues to be of the opinion that shareholders are better served by cash being retained by the company to fund future opportunities.
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