Update: Oman, the present and future
Ultra Electronics’ 2014 results were heavily influenced by the termination of the group’s Oman airport IT contract which had demanded significant time and attention and led to a £47m contract provision. Excluding the contract, the group delivered a broadly similar revenue outcome with acquisitions offsetting FX headwinds and organic declines as expected. Profits were held back by increased investment in civil aerospace programmes that, combined with an increasing proportion of longer-term contracts, provides significant medium-term visibility and cover. While short-term dynamics remain challenging due to UK elections, SDSR and US political posturing, likely to lead to a flat 2015, the group’s move to drive growth through strategic clusters supports a return to accelerated growth from 2016.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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