Shipley-based Filtronic announced far reaching changes at the top of its management team following the firm's interim profit results published today.

Chief executive Professor John Roulston stands down by mutual consent with chairman and founder Professor David Rhodes stepping into his shoes.

The company, which designs and produces microwave electronic subsystems for the wireless telecoms and defence, announced an operating loss of £2.9 million in the six month period up to November 2005. The firm recorded a pre-tax loss of £5.6 million and a diluted loss per share of 5.66 pence.

Although the firm has made higher losses than the same period last year, the performance has followed market trends and comes after a period of restructure and change in the firm.

Announcing the results, Professor Rhodes said: "Wireless Infrastructure is experiencing a flat market in the second half of the financial year with operating margins for the core transmit/receive filters at over ten per cent.

"Revenue growth awaits some delayed contracts and new OEM platforms moving into production.

"In defence electronics, consolidation in the US is positioning the business favourably with old and new customers. Completion of large contracts will reduce revenue in the next financial year, with the lead time to production on sizeable new opportunities being 12 to 18 months."

The majority of the firm's sales came within its Wireless Infrastructure division, with 80 per cent of sales being registered in this market.

At the start of 2005, the Telegraph & Argus reported how the firm shed more than 300 jobs from its Shipley factory.

In August the firm sold its US-based subsidiary antenna business, LK Products, to a Philadelphia company for £4.6 million.

The firm's decision to close one of its US sales offices and to shut its Australian Wireless Infrastructure plant to cost at least £1 million.

And in October Professor Rhodes said that he expect his company's results to be affected by some of the major closures and restructuring that the company had been involved with in the past 12 months.