Saltaire-based electronic giant Filtronic says its mixed full year results prove it is on course to recovery.

The business, which has seen its share price plummet over the last year, enjoyed a 34 per cent jump in sales from £222.3 million to £297.4 million.

But the company suffered a £21.2 million loss (compared to a £3.9 million deficit in 2000), after making debt, interest and share compensation payments.

And share prices, which stood at 1,887.5p last April, were today down to 165p.

Executive chairman David Rhodes said the firm's recent investment to produce more sophisticated microwave circuits and mobile phone components would prove "... key to sustained future profitability."

He added: "The Board recognises the significant loss of shareholder value which has occurred in the last year.

"By concentrating on a strategy which is appropriate for the company in the medium to longer term, we believe that the best value can be provided to our shareholders."

Mr Rhodes also pointed out that the business's group operating profit was actually up 42 per cent, to £12.2 million, before exceptional and debt payments.

Filtronic, which employs around a third of its 3,500-strong workforce in the Bradford district, is one of several local businesses to have been hit by the slump in investor confidence in the hi-tech sector.