TIDMULE

RNS Number : 5715E

Ultra Electronics Holdings PLC

09 November 2020

For Immediate Release 9 November 2020

Ultra Electronics Holdings plc

("Ultra" or "the Group")

Q3 2020 Update

Ultra Electronics Holdings plc today updates the market on its performance over the nine months to 30 September 2020.

Despite the ongoing Covid pandemic, trading continues as expected. Across the Group our employees continue to show exceptional commitment and resilience. All facilities remain open and productive, with no significant disruption to demand or operational performance.

Order intake remains strong with good revenue growth, as anticipated. Operating margins are slightly better than expected due to lower indirect costs related to the pandemic. These costs are expected to normalise in 2021, alongside further investment in the business, as previously communicated.

Cash conversion has benefited from strong advance payments, and reduced capex due to Covid related deferral of site investments, expensing design elements of our transformation and revising our ERP strategy.

The Focus; Fix; Grow programme is progressing well and, pleasingly, we see opportunities to accelerate the pace of our transformation investment in 2021.

We continue to closely monitor the Covid situation. Whilst we expect the challenging conditions in commercial aerospace to continue into 2021, our core defence markets are robust, and we remain confident in Ultra's ability to deliver exceptional value for all our stakeholders.

2020 results

Preliminary results for the year ending 31 December 2020 will be released on 9 March 2021.

Enquiries:

 
 Ultra Electronics Holdings plc 
 Simon Pryce, Chief Executive 
  Jos Sclater, Chief Financial 
  Officer                          020 8813 4307 
 Gabby Colley, Head of Investor    07891 206239 
  Relations                         Investor.relations@ultra-electronics.com 
 
 MHP Communications                020 3128 8570 
 Tim Rowntree / James Bavister 
  / Pete Lambie

About Ultra:

Ultra provides application-engineered tailored solutions. We focus on our customers' mission critical and intelligent systems in the defence, security, critical detection & control markets.

www.ultra.group

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