RNS Number : 2755C
Ultra Electronics Holdings PLC
27 June 2016
27 June 2016
Ultra Electronics Holdings plc
("Ultra" or "the
Group")
Pre Close Trading Statement
Ultra, the international defence, security, transport and energy Group, today issues a pre-close
trading statement, ahead of its Interim Results for 2016.
Market conditions remain as noted on 29 February 2016 at the preliminary results announcement. In
year trading in the first half has been as expected. Based upon the exchange rates as at 23 June 2016, Ultra's expectations for
the full year remain unchanged, other than the impact of the disposal of Ultra ID. The cash proceeds of this sale will be used to
reduce debt. The Group's performance for 2016 will be second-half weighted, as in previous
years.
Increased programme stability has seen a useful uplift in US defence outlays in the early months
of the year. Looking ahead it is likely that there will be a Continuing Resolution into the early months of 2017, as
expected.
Order intake in 2016 has been positive, with an increase in order book value over the 2015
year-end position. Cash conversion is expected to follow a similar profile to 2015 with year-end cash anticipated within the
normal range for the Group.
Ultra's interim results announcement for the six months ending 1 July 2016 will be on 1 August
2016.
- Ends -
Enquiries:
Ultra Electronics Holdings PLC
www.ultra-electronics.com
+44 20 8813 4300
Rakesh Sharma, Chief Executive
Amitabh Sharma, Group Finance Director
Susan McErlain, Corporate Affairs Director
+44 7836 522 722
MHP Communications
James White
+44 20 3128 8756
Cautionary Statement:
The trading statement contains certain forward-looking statements. These statements are made by
the directors of Ultra in good faith, based on the information available to them up to the time of the publication of the trading
statement but such forward-looking statements should be treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking statements.
Ultra undertakes no obligation to revise or update any forward looking statement contained within
this announcement, regardless of whether those statements are affected as a result of new information, future events or
otherwise, save as required by law and regulations.
Further information about Ultra:
Ultra Electronics is an internationally successful defence,
security, transport and energy company with a long, consistent 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:
· Aerospace
|
· Land
|
· Communications
|
· Maritime
|
· C2ISR
|
· Nuclear
|
· Infrastructure
|
· Underwater Warfare
|
This information is provided by RNS
The company news service from the London Stock Exchange
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