Ultra Electronics Holdings PLC Pre-Close Trading Statement (8045I)

TIDMULE

RNS Number : 8045I

Ultra Electronics Holdings PLC

22 June 2017

Embargoed until 0700 22 June 2017

Ultra Electronics Holdings plc

("Ultra" or "the Group")

Pre-Close Trading Statement

Ultra, the international defence, security, transport and energy Group, today issues its scheduled pre-close trading statement, ahead of its Interim Results for 2017.

The Group's half-year trading performance is in line with management expectations. As previously indicated, 2017 will be more heavily weighted to the second half than normal. As stated in the 6 March 2017 results announcement and based on the same GBP/US$ assumption, the Board remains confident of making further progress in 2017; our expectations for the full year remain unchanged. Full year cash conversion remains in-line with previous guidance.

Market conditions remain as noted on 6 March 2017. The US 2017 budget was approved in early May and prior to this the US Government had been operating under a Continuing Resolution ("CR"). The delay in approving the budget has meant that US orders have been deferred to the end of the first half and second half of this year, resulting in the second half bias mentioned above. Despite the CR there has been positive momentum in the order intake, with the book-to-bill ratio reaching a pleasing 1.1 times as at the end of May 2017.

Ultra's interim results announcement for the six months ending 30 June 2017 will be on 7 August 2017.

   -     ENDS    - 

Enquiries:

Rakesh Sharma, Chief Executive 020 8813 4307

Amitabh Sharma, Group Finance Director

Susan McErlain, Corporate Affairs Director 07836 522 722

James White, MHP Communications 020 3128 8756

www.ultra-electronics.com

020 8813 4321

Cautionary Statement:

The trading statement contains certain forward-looking statements. These statements are made by the directors of Ultra in good faith, based on the information available to them up to the time of the publication of the trading statement but such forward-looking statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking statements.

Ultra undertakes no obligation to revise or update any forward looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.

Further information about Ultra:

Ultra Electronics is an internationally successful defence, security, transport and energy company with a long track record of development and growth. The Group manages a portfolio of specialist capabilities generating innovative solutions to customer needs. Ultra applies electronic and software technologies in demanding and critical environments ranging from military applications, through safety-critical devices in aircraft, to nuclear controls and sensor measurement. These capabilities have seen the Group's highly-differentiated products contributing to a large number of platforms and programmes.

Ultra has world-leading positions in many of its specialist capabilities and, as an independent, non-threatening partner, is able to support all of the main prime contractors in its sectors. As a result of such positioning, Ultra's systems, equipment or services are often mission or safety-critical to the successful operation of the platform to which they contribute. In turn, this mission-criticality secures Ultra's positions for the long-term which underpins the superior financial performance of the Group.

Ultra offers support to its customers through the design, delivery and support phases of a programme. Ultra businesses have a high degree of operational autonomy where the local management teams are empowered to devise and implement competitive strategies that reflect their expertise in their specific niches. The Group has a small head office and executive team that provide to the individual businesses the same agile, responsive support that they provide to customers, as well as formulating Ultra's overarching, corporate strategy.

Across the Group's three divisions, Ultra operates in the following eight market segments:

 
                              *    Land 
        *    Aerospace 
                              *    Maritime 
        *    Communications 
                              *    Nuclear 
        *    C2ISR 
 
        *    Infrastructure          *    Underwater Warfare 
 

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This information is provided by RNS

The company news service from the London Stock Exchange

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June 22, 2017 02:00 ET (06:00 GMT)