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Ultra Electronics Reports "Good Progress" As Facilities Remain Open

Wed, 13th May 2020 11:23

(Alliance News) - Ultra Electronics Holdings PLC on Wednesday said trading for 2020 has remained in line with expectations.

The FTSE 250-listed defence & aerospace, security, transport and energy engineering company held its annual general meeting remotely Wednesday, taking shareholder questions by email and promising to post answers on its website.

Chair Tony Rice said all of Ultra's facilities have remained open amid the Covid-19 outbreak, adding he expects 2020 to be a year of "good progress".

For 2019, Ultra posted pretax profit of GBP91.0 million on revenue of GBP825.4 million. As at the end of the year, its order book stood at GBP1.02 billion.

The company expects to post its interim results for the six months ending June 30 on July 30.

Ultra also said Robert Walmsley has stepped down as as senior independent director, adding that Non-Executive Director Victoria Hull will succeed him in that role. The search for a new non-executive director is ongoing.

The stock was trading 0.8% lower at 1,968.00 pence each on Wednesday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com