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Ultra Electronics organic revenue down 6.7%

07 August 2017 07:36

Defence company Ultra Electronics' (ULE) organic revenue fell by 6.7% in the first half after a delay in the award of several contracts.

Revenue was also hurt by a higher level of lower margin engineering activity and the disposal of the ID business in August 2016.

Profit fell organically by 5.4%, while reported profit before tax slipped 0.2% to £52.3 million.

Rakesh Sharma, chief executive, said 2017 will be more heavily weighted to the second half than normal.

"Market conditions remain largely unchanged since our preliminary announcement in March. The US Federal budget was not approved until May and this, together with the recent UK General Election, has affected the progress of some contract awards. Nevertheless, following the strong order intake in the final part of the period, which has continued through July, we are pleased with our current order position," Sharma added.

He said the momentum in contract awards is expected to continue as the year progresses.

Story provided by StockMarketWire.com

Related Company: ULE

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