RE: Drop7 Aug 2018 10:18
Ultra Electronics Profit Declines On Lower Revenue, Finance Costs
by Alliance News | 6th August 2018 09:40
Ultra Electronics Holdings PLC on Monday posted a significant reduction in profit in the first half of the year due to higher finance costs and lower revenue.
In the six months ended June 30, the technology company recorded a pretax profit of GBP20.0 million, down from GBP30.9 million the year before.
Revenue dropped to GBP350.5 million from GBP366.4 million, though Ultra reduced its expenses and costs resulting in an increased GBP30.4 million operating profit from GBP25.4 million.
However finance costs, including a substantial loss on closing out a foreign currency derivative contract, helped dragged its pretax profit down.
The company's interim dividend for 2018, 14.6 pence per share, equals the 2017 interim payout.
"From advfn website news "
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