Ultra, the international defence, security, transport and energy group, today issues its Interim Management Statement for the period 1 July 2014 to 18 November 2014.
The Board anticipates that Group performance will be broadly in line with expectations for 2014. Overall market conditions remain as described on 4 August 2014, when the Group reported its Interim Results.
Overall, Group order intake has been good and we see encouraging demand for our specialist capabilities. As we had anticipated, in the US defence market a Continuing Resolution in relation to Government appropriations came into effect at the beginning of October. As previously indicated this will result in delays to orders leading to some reduction in 2014 revenues. Revenues have been further impacted by softness in US Government defence expenditure in the month of September.
Ultra’s management continues to focus on robust cost control, efficient programme delivery and restructuring of the portfolio to adapt to market conditions. The recent acquisitions are performing well and will make a greater contribution to full year profit than previously expected.
Since August the Group has made progress with its customer in relation to the extension of time and cost for the Oman Airport IT contract. While risk remains, confidence is improving that we can work together to a satisfactory solution to this situation as we continue negotiations with our customer.
Ultra’s balance sheet remains strong and there have been no other significant changes to the financial position of the Group from that reported on 4 August 2014.
Ultra will make its preliminary results announcement for the year ending 31 December 2014 on 2 March 2015.
Enquiries:
Rakesh Sharma, Chief Executive
Mary Waldner, Group Finance Director
020 8813 4307
Susan McErlain, Corporate Affairs Director
07836 522 722
James White, MHP Communications
020 3128 8756