Ultra, the international defence, security, transport and energy group, today issues a scheduled trading statement which confirms that the Group’s performance for the full year remains in line with expectations.
Conditions in Ultra’s markets have remained as noted in March and August at the Group's preliminary and interim results announcements respectively. The market has seen continuing uncertainty during 2015, in part over the timing and scale of the US DoD budget that is only now reportedly approaching resolution. Additionally, this has been further exacerbated by election activity in the UK and US. Ultra continues to respond to market conditions through robust cost control, efficient programme delivery and careful restructuring of the portfolio. The Group has also sustained its efforts to penetrate new markets, develop sound international partnerships, identify strategic acquisitions, invest in leading edge technology and secure further long-term contracts. The Group’s recent major acquisition, Ultra Electronics Herley, is performing in line with expectations.
The Group has entered into a consultation period with affected employees on a proposal to close the Defined Benefit pension scheme for future accrual from 6 April 2016. The proposal would remove this element of risk to the Group’s future balance sheet. A further update will be provided at the Preliminary Results which will be released on 29 February 2016.
Enquiries:
Rakesh Sharma, Chief Executive
Mary Waldner, Group Finance Director
+44 20 8813 4300
Susan McErlain, Corporate Affairs Director
+44 7836 522 722
MHP Communications
James White
+44 20 3128 8756