Filtronic has announced a "significant new contract win" with Elon Musk’s firm, SpaceX, valued at £16.8m.

The British designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets said the contracts will be fulfilled in both the 2025 and 2026 financial years.

As a result, the board at Filtronic said it is "now confident" the business will "exceed current market expectations for revenue and profit" in both financial years.

As a result, shares at the firm, which trades on the AIM market, have increased by 750% over the past three years.

Chief executive officer at Filtronic, Nat Edington, 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 FY2025 and FY2026."

Investment director at AJ Bell, Russ Mould, concluded: "Filtronic is making quite a name for itself as a way to play the space race. Winning another contract with Elon Musk’s SpaceX has put a new rocket under the share price.

"Whereas many companies on AIM are all about jam tomorrow, Filtronic is actually making money today.

"It’s rare to see a company say it will exceed market expectations for both the current and next financial year, but the latest deal with SpaceX has gifted Filtronic with that magic status."

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