Ultra Electronics Share Price (ULE)

Ultra Electronics has confirmed that its new Group Finance Director, Mary Waldner, will take up the role on July 1st of this year. The appointment was announced on January 24th.

Ultra Electronics Holdings: JP Morgan downgrades to neutral.

Defence, security, transport and energy company Ultra Electronics on Thursday signed a memorandum of understanding with AREVA to initiate a future partnership in nuclear power generation and the build of new EPR (Eurpean pressurized water) reactors in the UK. The agreement covers potential collaboration on instrumentation and control systems including reactor protection and control and relates to the two EPR reactors planned by EDF Energy at Hinkley Point for which a site licence was granted last month. The firm said the collaboration could also extend to other EPR reactors including those planned at Sizewell. Rakesh Sharma, Chief Executive of Ultra, said: "I am pleased to have signed this agreement which recognises Ultra's position in the supply of safety critical instrumentation & control to the global nuclear industry. Through our continuing strategic relationship we are happy to support AREVA with our proven range of proven specialist technologies."

Defence group Ultra Electronics has announced that its USSI business, based in Indiana, US, has received US Navy contracts for sonobuoys through its joint venture with the Sparton Corporation that supplies all sonobuoys to the US Navy. Under the contract, which is worth over $53m, production is scheduled to take place over a two-year period and is expected to be completed in January 2015. Rakesh Sharma, Chief Executive Officer of Ultra, commented: "We have been able to secure this award because of our focus on constant product innovation coupled with high quality manufacturing and on-time delivery. "We are delighted that that the US Navy continues to recognise the support it receives from USSI and [the joint venture with Sparton] by awarding this contract in an area of preferential funding at a time when the procurement process in the US is under increasing pressure. Awards such as this help maintain the group's order book and show the resilience that Ultra derives by fostering enduring customer relationships." Sonobuoys are buoys which are equipped with an acoustic receiver and a radio transmitter. On detecting underwater sounds they deliver radio signals to the operator, providing information on objects such as submarines.

Deutsche Bank downgrades Ultra Electronics Holdings from hold to sell.

Ultra Electronics Holdings: UBS reduces target price from 1300p to 1200p, sell recommendation maintained.