Update: Acquisitions and contracts highlight the strategy
We update our assumptions prior to Ultra Electronics entering close period ahead of half year results. There are two main factors, namely acquisitions and currency, while phasing is likely to be more H2 weighted than normal. With sterling strengthening, we forecast a year-on-year profit headwind of c 3%, which is largely offset by the annualised effect of prior year acquisitions and strict cost controls. However, we are easing in-year forecasts by 1% to reflect recent currency movements. Our FY15 forecasts are maintained due to recent acquisition activity.Ultra Electronics Holdings is a holding company. Through its subsidiaries, Co. is engaged in the design, development and manufacture of electronic systems for the international defence and aerospace markets. Co. manages a range of capabilities, generating solutions and products in the Defence & Aerospace, Security & Cyber, Transport and Energy markets. Co. is organized into three operating segments – Aerospace & Infrastructure, Communications & Security and Maritime & Land.
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