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UPDATE 1-Filtronic says H2 in line; CFO, chairman to step down

Wed Jun 10, 2009 3:19am EDT

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* Says consolidating finance ops at Newton Aycliffe site * Howard Ford to replace John Poulter as chairman (Adds details)

June 10 (Reuters) - British telecoms technology firm Filtronic Plc (FTC.L) said on Wednesday its second-half trading was as expected with a better-than-breakeven result and added that its finance chief, Stephen Mole, would step down at the end of September.

The company, which said the process to appoint a new CFO was underway, added that it was consolidating its finance functions at the Newton Aycliffe site as part of its cost-cut plans.

Filtronic also said Chairman John Poulter would stand down at its annual general meeting in September and would be succeeded by Howard Ford, who joined the board in December.

The company's cash balance at end-May stood at 16.1 million pounds ($26.3 million).

"Operating costs continue to be tightly controlled whilst maintaining development engineering expenditure on new products funded from internal cash generation," the company said in a statement.

Filtronic shares were up about 1.6 percent at 31 pence by 0716 GMT on the London Stock Exchange. ($1=.6131 POUND) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Himani Sarkar)



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