Filtronic shares plunge as CEO departs by ''mutual consent'' |
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Published
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Mon, 30 Jan 2006 16:55
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LONDON - The beleaguered wireless telecoms equipment maker Filtronic said today that Chief Executive John Roulston has put in his papers following the dismal showing by the company in the first half. This announcement sent Filtronic shares plunging to a low of 13 months.
Filtronic reported a £5.56 million pre-tax loss for the six months ending November as against a profit of £3.5 million that was reported at the same time last year. The company said that John Roulston had resigned by mutual agreement and that chairman David Rhodes would take over the day to day running until further notice.
Senior non-executive director Rhys Williams will take over as chairman on a temporary basis. Filtronic said that sales were in line with expectations and reported that they totaled £124.4 million in the first half as compared to £130.1 million in 2004.
Sales from continuing projects increased to £110.8 million from £103.2 million recorded at the same time in the previous year. "Wireless infrastructure is experiencing a flat market in the second half of the financial year," Mr Rhodes commented on the first-half report.
"In defense electronics, consolidation in the US is positioning the business favorably with old and new customers. Completion of large contracts will reduce revenue in the next financial year, with the lead time to production on sizeable new opportunities being 12 to 18 months."
Filtronic shares dipped 64.5 pence, or 26.38 percent to 180 pence in early trading. The company also announced an interim dividend of 0.9 pence per share. This is payable on March 31.
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NASDAQ
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IBM
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