Home / Business and Economy / UK Firm Rockets on SpaceX Satellite Deal
UK Firm Rockets on SpaceX Satellite Deal
14 Dec
Summary
- Filtronic shares surged 192% after a major deal with SpaceX.
- The UK company makes powerful, compact transmitters for Starlink satellites.
- Filtronic's profit quadrupled, with sales rising 121% in the last year.
Filtronic, a technology firm based in County Durham, has experienced a dramatic surge in value, with its shares climbing 192% following a significant agreement with SpaceX. The company is now producing essential radar components for Elon Musk's Starlink satellite network, a venture aiming to provide global internet access.
This lucrative partnership has led to substantial financial growth for Filtronic. In the year ending May, its pre-tax profit quadrupled to £13.4 million, and sales increased by 121% to £56.3 million. The firm's new facility in Sedgefield will assemble thousands of pieces of equipment for SpaceX, alongside orders from UK defense firms BAE Systems and QinetiQ.
Filtronic's specialized transmitters, which utilize gallium nitride for enhanced performance, are key to the Starlink network. The company, which has seen its workforce grow and is actively recruiting, also holds a 15% stake in SpaceX, highlighting the deep integration and mutual benefit of this transatlantic technological alliance.
