Ultra Electronics Holdings PLC Annual General Meeting Trading Update (3000M)
April 27 2018 - 1:00AM
UK Regulatory
TIDMULE
RNS Number : 3000M
Ultra Electronics Holdings PLC
27 April 2018
27 April 2018
Ultra Electronics Holdings plc
("Ultra" or "the Group")
Annual General Meeting Trading Update
Ultra, the international defence, security, transport and energy
company, today holds its Annual General Meeting at 10.00 a.m. and
provides the following trading commentary.
As previously disclosed, the Board's expectations remain for the
Group to make modest progress in underlying revenue and operating
profit at constant currencies in 2018 after investing for the
future through increased R&D and capital expenditure. As
guided, the Group's trading and cash performance will be more
heavily weighted to the second half of the year.
Conditions in Ultra's markets have remained as noted on 5 March
2018 in the 2017 preliminary results announcement. A Continuing
Resolution to US Federal funding was in place for most of the first
quarter of the year until the US budget was signed on 23 March
2018.
The Group secured a higher volume of orders in the first quarter
compared to recent years and this resulted in an improved order
book of GBP933m at the end of March 2018 compared to GBP914m at the
start of the year, despite a foreign exchange headwind.
As part of the buyback announced on 5 March 2018, the Group has,
as at close of business on 24 April 2018, purchased for
cancellation 2,963,676 shares at a total cost of GBP41.1m.
Ultra will announce its interim results on 6 August 2018.
- Ends -
Enquiries:
Douglas Caster, Executive Chairman 020 8813 4307
Amitabh Sharma, Group Finance Director
Susan McErlain, Corporate Affairs Director 07836 522 722
James White, MHP Communications 020 3128 8756
www.ultra-electronics.com
Further information about Ultra:
Ultra Electronics is an internationally successful defence,
security, transport and energy company with a long track record of
development and growth. The Group manages a portfolio of specialist
capabilities generating innovative solutions to customer needs.
Ultra applies electronic and software technologies in demanding and
critical environments ranging from military applications, through
safety-critical devices in aircraft, to nuclear controls and sensor
measurement. These capabilities have seen the Group's
highly-differentiated products contributing to a large number of
platforms and programmes.
Ultra has world-leading positions in many of its specialist
capabilities and, as an independent, non-threatening partner, is
able to support all of the main prime contractors in its sectors.
As a result of such positioning, Ultra's systems, equipment or
services are often mission or safety-critical to the successful
operation of the platform to which they contribute. In turn, this
mission-criticality secures Ultra's positions for the long-term
which underpins the superior financial performance of the
Group.
Ultra offers support to its customers through the design,
delivery and support phases of a programme. Ultra businesses have a
high degree of operational autonomy where the local management
teams are empowered to devise and implement competitive strategies
that reflect their expertise in their specific niches. The Group
has a small head office and executive team that provide to the
individual businesses the same agile, responsive support that they
provide to customers, as well as formulating Ultra's overarching,
corporate strategy.
Across the Group's three divisions, Ultra operates in the
following eight market segments:
* Land
* Aerospace
* Maritime
* Communications
* Nuclear
* C2ISR
* Infrastructure * Underwater Warfare
This information is provided by RNS
The company news service from the London Stock Exchange
END
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