As previously reported (CI No 2,457), the flotation of Filtronic Comtek Plc, manufacturer of mobile telecommunications components, appears set fair for next month and the capitalisation of the company has been revised upwards, to UKP60m from UKP50m. The placing is expected to raise UKP25m, UKP15m new, and the proceeds used to repay Comtek’s borrowings and venture funding and UKP5m earmarked to expand production facilities in Yorkshire and Glasgow in the UK, and Maryland and New Hampshire in the US. In the year to May 31, pre-tax profits were UKP1.1m on turnover of UKP10.2m. Comtek supplies most of the leading telecoms manufacturers, and has replaced AT&T Corp’s in-house filter production facility.
