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PROSPECTS Ultra has for many years pursued strategies to spread risk and provide a solid base on which to grow. The Group has created a broad portfolio of differentiated offerings that are specified on an increasing list of international platforms and programmes. Ultra is positioned at multiple levels in the supply chain and has a broad customer base that includes governments and most of the world's major prime contractors. The Group has maintained its focus on areas of preferential customer spend; Ultra specialises in electronics and integrated solutions, which are attracting an increasing proportion of customer budgets, even in periods of market uncertainty. These enduring customer relationships and long-term programme positions give resilience to Ultra's business model and maintain momentum in the Group's continuing progress, despite market fluctuations. Ultra will maintain its consistent programme of reinvestment to drive further organic and acquisition growth in the medium and long term. Internally, the Group continues to reinvest in highly differentiated products and services that meet the operational needs of customers. This market-led innovation, agility and speed of response to changing market requirements provide a competitive edge that allows Ultra to succeed and to build long-term relationships with customers. The Group is increasing its exposure to specialist security and intelligence markets and has an extensive portfolio of offerings positioned on long-term new build and upgrade programmes. Ultra's strong balance sheet can support the purchase of businesses that would further enhance the Group's portfolio and to which ownership by Ultra would add value. Ultra's strategy is to have a broad range of positions in many different market sectors. Accordingly, across the Group there is a mix of businesses with firm orders for multi-year programmes as well as annual contracts and other companies that typically only have order coverage for the next few weeks or months trading. Overall, the value of Ultra's order book has grown to more than £1bn for the first time. Ultra has a broad customer base worldwide, with international sales now representing about three quarters of Group revenue. Ultra's activities in civil markets have significant potential for growth, as evidenced by the recent win in Oman for airport systems integration. Ultra's main defence markets in the US and UK have, for different reasons experienced, spending constraints that have deferred order intake. Despite this the Group has achieved underlying organic revenue growth in the period although this has been at a lower rate than in recent years. In the same period the Group's operating margin has improved. Ultra's strategies for growth provide the Group with a resilient business model that underpins its performance in 2011 and beyond.
Rakesh Sharma, Chief Executive, commented: "The results for the period reflect the success of Ultra's strategies to underpin sustainable, long-term growth of shareholder value. Even in a year of difficult market conditions, Ultra continues to reinvest in its portfolio of differentiated products and services. These are positioned on a large number of international platforms and programmes in the defence, security, transport and energy markets. This broad range of positions maintains the momentum of Ultra's performance, despite market fluctuations. Ultra has a broad customer base worldwide, with international sales now representing about three quarters of Group revenue. Ultra's activities in civil markets have significant potential for growth, as evidenced by the recent win in Oman for airport systems integration. For different reasons Ultra's main defence markets in the US and UK have experienced spending constraints that have deferred order intake. Despite this the Group has achieved underlying organic revenue growth although this has been at a lower rate than in recent years. In the same period the Group's operating margin has improved. Ultra's strategies for growth provide the Group with a resilient business model that underpins its performance in 2011 and beyond."
http://www.investegate.co.uk/Article.aspx?id=201108010700094093L
Rakesh Sharma, Chief Executive of Ultra, commented: "I am pleased that Ultra has been awarded this contract by Rolls-Royce relating to the new reactor control and instrumentation equipment for Royal Navy submarines. Through our continuing strategic relationship we are happy to support Rolls-Royce, and its end customer, with Ultra's proven range of innovative specialist technologies."
Ultra awarded £54m UK submarine reactor control equipment contracts Ultra announces that two businesses, Command & Control Systems, based at High Wycombe, Buckinghamshire and PMES, based in Rugeley, Staffordshire have been awarded contracts by Rolls-Royce with a combined value of £54m for the supply of reactor control & instrumentation systems for Royal Navy submarines. The scope of the contracts includes the manufacture of multiple systems and spares. Work under these contracts starts immediately and will continue until the end of 2014. Ultra has been working since December 2004 on the development of this equipment. Ultra's role is that of equipment designer and manufacturer for the control and instrumentation suite and includes the full spectrum of system engineering disciplines, including requirements capture, architecture design, development, verification and qualification.
http://www.investegate.co.uk/Article.aspx?id=201106080700070337I
Ultra Electronics confident on defence spending Date: Thursday 21 Apr 2011 LONDON (ShareCast) - High-tech defence products supplier Ultra Electronics believes its focus on specialist products will help it withstand defence cuts. Trading has been in line with expectations. In the US, recent progress in allocating the defence budget should unblock delayed contract awards over the next few months. Delays continue in the UK due to procurement reforms and reviews of funding priorities, but the market now accounts for a small proportion of the company’s revenues. “The group has strategies for long-term growth, a resilient business model and a demonstrated ability to win new contracts and execute them effectively,” Ultra said. “These factors underpin the board's confidence that, despite short-term uncertainties in some markets, Ultra's performance will be in line with the Board's expectation and that the Group will make progress in 2011 and beyond.”
http://www.investegate.co.uk/Article.aspx?id=201104210700093004F
Ultra wins US Navy sub detection orders Date: Tuesday 12 Apr 2011 LONDON (ShareCast) - Defence electronics supplier Ultra Electronics has won a contract worth about $25m (£15m) to supply the US navy with sonobuoys, which detect submarines. The contracts have been awarded through ERAPSCO, a joint venture with the manufacturing group Sparton to supply sonobuoys. The sonobuoys will be delivered over a 12-month period starting in mid-2011. “We have been able to secure these awards because of our focus on constant product innovation coupled with high quality manufacturing and on-time delivery,” Ultra’s chief operating officer Rakesh Sharma said. “The US Navy has recognised the support it receives from USSI and ERAPSCO by awarding these contracts at a time when the procurement process in the US is being slowed by external factors."
Rakesh Sharma, Chief Operating Officer of Ultra, commented: "We have been able to secure these awards because of our focus on constant product innovation coupled with high quality manufacturing and on-time delivery. The US Navy has recognised the support it receives from USSI and ERAPSCO by awarding these contracts at a time when the procurement process in the US is being slowed by external factors."
Ultra wins $25m US Navy sonobuoy orders Ultra announces that its USSI business, based in Columbia City, Indiana, US, has received US Navy contracts for sonobuoys worth about $25m. The contracts have been awarded through ERAPSCO, Ultra's joint venture with the Sparton Corporation that supplies all sonobuoys to the US Navy. Delivery of the sonobuoys will be made over a twelve month period commencing in mid-2011. Ultra, which has sonobuoy businesses in the UK, the USA and Canada, develops and manufactures high technology sonobuoys, the acoustic sensors which are used to detect the presence of submarines. The awards are for the latest generation passive and active sonobuoys. Passive sonobuoys are optimised to detect the machinery noise which emanates from submarines moving through the ocean. Active sonobuoys transmit acoustic energy pulses and sense the echo returns from potential targets.
http://www.investegate.co.uk/Article.aspx?id=201104120700067187E
Ultra Electronics confident about 2011 Date: Monday 28 Feb 2011 LONDON (ShareCast) - Decent revenue growth from Ultra Electronics sparked a 15% increase in underlying profit at the defence electronics supplier last year. Profit before tax and exceptional items rose to £102.7m in 2010 from £89.5m the year before on revenue up 9% to £710m. Organic growth at constant currencies was 6%. Including everything profit fell 15% to £91.3m, mostly due to a £55.6m gain on derivatives in 2009 compared with just £8.9m this time. Ultra’s order book had risen 7% to £817.9m by the end of 2010, though previously flagged delays in the award of contracts in both the UK and US has impacted the closing order book value. “With its broad portfolio of offerings, Ultra has positioned itself within its markets on long-term programmes and in areas of preferential customer spend,” said chief executive Douglas Caster who becomes chairman this year. Chief operating officer Rakesh Sharma takes over. “Its strategies have enabled Ultra to create a resilient business model that has maintained growth momentum and that underpins continued progress in 2011," Carter added. An 11% increase in the final dividend to 24p a share takes the total for the year to 34.6p.
Douglas Caster, Chief Executive, commented: "The results for 2010 underline the success of Ultra's strategies in delivering sustainable, long-term growth. The Group continues to invest, both internally and externally, in extending its portfolio of differentiated products and services which are positioned on an increasing number of international platforms and programmes in the defence, security, transport and energy markets. This broad range of positions gives resilience to the business model that drives Ultra's performance, despite market fluctuations. The self-funded acquisitions made by the Group in 2010 and since the year end have differentiated positions in growing market sectors and are an excellent fit for the Group. The continuity of Ultra's management team ensures that the expertise is retained to continue the development of the Group. With its broad portfolio of offerings, Ultra has positioned itself within its markets on long-term programmes and in areas of preferential customer spend. Its strategies have enabled Ultra to create a resilient business model that has maintained growth momentum and that underpins continued progress in 2011."
· Strong performance driven by Ultra's strategies to maintain growth - resilience driven by the Group's range of specialist capabilities - organic growth* of headline operating profit, at constant currencies, of 8% · Continuing investment to drive future growth - over 5% of revenue reinvested in new product and business development - acquisition of four specialist businesses since the start of 2010 · Headline operating margin(1) of over 15% · Operating cash conversion* of 96% (five-year average 100%) reflecting high quality of earnings · Robust balance sheet with headroom for further acquisitions · Order book up 7% to £818m, maintaining good visibility
http://www.investegate.co.uk/Article.aspx?id=201102280700129164B
Adding further to its capabilities, Ultra Electronics Holdings (ULE) has completed the acquisition of 3e Technologies International for a cash consideration of 30 million dollars (19 million pounds) with an additional amount of up to 1 million dollars (0.62 million pounds) payable by early 2014. Commenting on this, Rakesh Sharma, chief operating officer of Ultra, said: "The acquisition of 3eTI adds its highly differentiated range of solutions to Ultra's portfolio of specialist capabilities related to secure networking, communication and cyber security." The shares edged up 1p to 1,801p.
Same question 2 years later. Not an active board then. With such a large drop and such a good company they must be a BUY
What has happened to these in the last week to drop so much. They seem to weather most storms ? anyone know ?