A technology firm backing Elon Musk’s space odyssey has upped financial forecasts following strong demand.
Sedgefield-based Filtronic says it expects to “deliver stronger full-year results than current market expectations”, with “significant growth in revenue and profits”.
Bosses at the NETPark-headquartered company say its progress has been boosted by “robust” demand, with a “pull-forward” of customer orders accelerating momentum across the second half of its financial year.
The update comes just days after the business – which is working with Elon Musk’s rocket and spacecraft maker SpaceX – revealed it was in “advanced discussions for further contracts in the space, aerospace and defence market”.
It also precedes Filtronic’s move to a “purpose-built” NETPark base early next year, which it says will double manufacturing space “and significantly expand production capabilities.”
