Ultra's 2014 revenue to reflect weak US defence market
Ultra said on Wednesday 2014 revenues will be reduced by delays to orders as it works to resolve weak demand in the US defence market.
Ultra Electronics Holdings
3,500.00p
17:09 29/07/22
Softness in US government defence expenditure in September will have a further impact on revenue, the defence, security, transport and energy group revealed in a trading update.
“Ultra's management continues to focus on robust cost control, efficient programme delivery and restructuring of the portfolio to adapt to market conditions,” the firm said.
However, the company’s order intake in the period from 1 July to 18 November has been “good” and the firm sees encouraging demand for its specialist services.
The group added that it anticipated it will perform broadly in line with forecasts for 2014.
Ultra said it has a strong balance sheet with no significant changes to the financial position reported on 4 August.