British communication equipment firm Filtronic has secured a new contract with Elon Musk’s SpaceX, worth almost £17 million.
The deal helped shares in the company to surge by over a tenth on Monday morning.
The London-listed defence and telecoms business said the deal with the aerospace firm was worth 20.9 million dollars (£16.8 million).
It added that the contract will cover the 2025 and 2026 financial years.
As a result, Filtronic told shareholders that it is now confident it will beat revenue and profit guidance for the next two years.
Nat Edington, chief executive of the business, said: “We are delighted to have secured this substantial order, which underscores Filtronic’s reputation for delivering high-performance RF solutions to our market-leading customer.
“This contract, alongside our growing momentum in strategic markets, provides us with increased confidence in our ability to exceed our growth targets for full-year 2025 and full-year 2026.”
It came a week after the group reported that revenues roughly tripled to £25.6 million for the half-year to November 30, compared with the same period a year earlier.
Filtronic said strong orders from SpaceX had helped to drive sales higher, as it saw technology developments continue to progress.
It also swung to a £6.8 million operating profit for the half-year, from a £0.4 million loss a year earlier.
Shares in Filtronic were 10.6% higher at 102.6p on Monday morning.
