(Alliance News) - Ultra Electronics Holdings PLC on Tuesday expressed confidence going forward amid earnings growth in 2020.
The London-based company that serves defence, security, critical detection & control markets said revenue in 2020 rose by 4.2% to GBP859.8 million. On a constant currency basis, revenue improved by 5.2%. Pretax profit jumped by 14% year-on-year to GBP103.7 million.
The company highlighted that it had made "good" strategic progress during the year, winning new positions on key development and production programmes.
Ultra Electronics reported an order book of GBP1.06 billion as at the end of 2020, up 4.0% on the prior year. The company made a net gain on the disposal of two small non-core businesses, partly offset by a legacy provision relating to one of the businesses sold. Underlying pretax profit increased by 8.7% to GBP114.5 million year-on-year.
The company proposed a 5.0% increase in dividend to 56.9 pence.
"2020 was a year which demonstrated the underlying strength of Ultra, and the capabilities and dedication of our outstanding people," said Chief Executive Simon Pryce.
"This excellent performance gives us further confidence in Ultra's exciting potential and our ability to deliver exceptional value for all stakeholders over the longer term," added Pryce.
Ultra Electronics shares were trading 4.8% higher in London on Tuesday at 2,086.20p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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