MOBILE phone technology company Filtronic is hoping to raise £2.1m through a share placing to help it take advantage of opportunities in the growing 4G market.

The County Durham firm said the fundraising would provide additional finance for working capital to support an "anticipated increase in activity in the second half of the financial year".

The firm, which employs about 85 North-East worker, moved from its base on Aycliffe Business Park to the Netpark site at Sedgefield earlier this year. It develops specialist components to link mobile phones to networks.

Chief executive Alan Needle said: “We are delighted by the support demonstrated by shareholders for the fundraising announced today. In line with our stated strategy of aligning with OEMs (Original Equipment Manufacturers), we are seeing a pick-up in activity associated with the 4G roll out.

“This requires a greater investment to prepare for deployment. The funds raised will enable us to strengthen our working capital position to continue to pursue opportunities for both Wireless and Broadband. The board is confident about the prospects for the business.”