Update: US impact offset by acquisition performance
Ultra Electronics’ IMS highlighted that market conditions were as previously flagged at the interims. With a US Continuing Resolution enacted as highlighted, FY14 revenues are likely to be affected by c 2%, which we include in our updated forecasts. The profit impact will be partially offset by continued tight cost control and a better than anticipated contribution from the group’s recent acquisitions. Non-US defence order flow has been good, while the news that progress is being made on discussions with the customer about cost and time extensions on the group’s Oman IT project provide increasing confidence in a resolution. The balance sheet remains strong, providing Ultra with flexibility to invest.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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