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Filtronic upbeat on compound prospects

Filtronic points to a broadening customer base and 3G market expansion as it predicts revenue growth for its compound semiconductor operation.

Filtronic, the UK microwave subsystems manufacturer with a 6 inch GaAs fab, is enjoying increased demand for its GaAs-based products.

In its half-year financial report just released, the company highlighted rapid growth in demand for power amplifiers (PAs) bound for third-generation handsets, as well as in low-cost transceivers for point-to-point microwave links.

Filtronic added that its improved product mix should lead to revenue growth in compound semiconductors as the year unfolds, although it did admit that chip manufacturing had been adversely affected by some customer delays in orders for volume production.

But with its recent supply order for PHEMTs from RF Micro Devices, increased demand for more complex, higher-value MMICs and more foundry activity for handset and wireless infrastructure OEMs, Filtronic has broadened its customer base for GaAs devices.

Chairman David Rhodes added that after what had been a tricky period financially, the company could now take advantage of strengthening markets for wireless infrastructure and US defense.

Filtronic won a recent contract to upgrade US military aircraft, and a second power amplifier product should be launched soon as the company targets 3G applications in particular.

"The W-CDMA market for power amplifiers is considered to be showing 20% compound annual growth," it said.

However, the company has decided not to go ahead with the planned initial public offering (IPO) of its handset products division, "in light of market conditions". This division is focused on antenna products rather than semiconductor chips.

Overall, Filtronic posted an after-tax profit of £1.7 million on revenue of £130 million for the six months ended 30 November 2004.

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