Ultra Electronics Holdings PLC AGM Statement (2856Y)

TIDMULE

RNS Number : 2856Y

Ultra Electronics Holdings PLC

12 May 2021

For Immediate Release

12 May 2021

Ultra Electronics Holdings plc

("Ultra" or "the Group")

AGM Statement

AGM:

Ultra will be holding its Annual General Meeting ("AGM") in London at 12:00pm BST today.

Ultra's preference is to welcome shareholders in person to our 2021 AGM. However, given ongoing Government restrictions on gatherings in relation to Covid-19, we are unfortunately unable to host shareholders at today's meeting. Shareholders are always welcome to submit questions by emailing [e-mail] .

The results of the AGM will be published as soon as practicable on www.ultra.group following the conclusion of the meeting.

Trading update:

Ultra has experienced strong order book growth in the period since year end and order intake was well ahead of the same period in 2020.

Revenue in the period was broadly flat year-on-year:

-- Maritime was marginally behind the prior year, mainly due to pandemic driven milestone delays as well as some short-term supply chain and productivity issues. These are primarily timing issues, and we continue to anticipate strong revenue growth in Maritime in 2021.

-- Intelligence & Communications delivered strong revenue growth and was well ahead of the prior year. We continue to expect strong revenue growth in Intelligence & Communications in 2021.

-- As anticipated, sales in Critical Detection & Control declined relative to the same period in 2020 due to global weakness in commercial aerospace. There was however a stronger than expected performance in our other Critical Detection businesses, particularly Forensic Technology, which means we now anticipate broadly flat revenue in Critical Detection and Control for the full year.

Operating performance is progressing largely as anticipated and our Focus; Fix; Grow transformation is on track. Cash generation remains robust.

We continue to expect 2021 to be another year of good progress for Ultra.

2021 Interim results:

Interim results for the six months ending 30 June 2021 will be released on 3 August 2021.

Enquiries:

 
 Ultra Electronics Holdings plc 
 Simon Pryce, Chief Executive 
  Jos Sclater, Chief Financial 
  Officer                           0208 813 4307 
 Gabby Colley, Director Investor    07891 206239 
  Relations                          [e-mail] 
 
 Engine MHP                         020 3128 8570 
 Tim Rowntree / James Bavister      [e-mail] 
  / Pete Lambie 
 

About Ultra:

Ultra provides application-engineered solutions in the key elements of mission critical and intelligent systems. Through innovative problem solving, using sustainable capabilities, and evolving technologies, we deliver outstanding solutions to our customers' most complex problems in defence, security, critical detection and control environments.

www.ultra.group

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May 12, 2021 02:00 ET (06:00 GMT)