ULE.L Share News (ULE)

LONDON (Alliance News) - Ultra Electronics Holdings PLC Wednesday maintained its expectations for the full year in a statement ahead of its annual general meeting Wednesday.

The defence, security, transport and energy company said that it expects US defence priorities to become clearer during 2014. At the moment, the procurement process in US defence is subject to delays, it said.

It continues to expect a greater weighting in defence orders and revenue in the second half than usual for 2014.

Ultra Electronics cautioned that if the US dollar rate were to remain at its current level, it would see a translation hit of around GBP3.6 million to its operating profit for 2014.

The company has spent GBP100 million on acquisitions since the start of the year, it said.

"Ultra's business model continues to give the board confidence that, subject to any further increase in currency headwinds, the group will achieve progress in 2014," the company said in a statement.

Ultra Electronics will announce its results for the half year to end-June on August 4.

Shares in Ultra were trading down 0.7% at 1,729.00 pence Wednesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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