BUSINESS NEWS
0.2 Mar 09. Ultra Electronics has benefitted from the strength of the defence, aerospace and transport industries reporting a 25% jump in sales revenues in 2008. Significantly in the current economic climate, Ultra’s order book is up 26% to £783m, sustaining a good level of visibility. Pre-tax profit was also 18% ahead at £72.2m on sales revenues of £515.3m for the year. “The strong results for the year reflect Ultra’s broad portfolio of niche positions in the defence, security, transport and energy market sectors,” said chief executive Douglas Caster. Looking to 2009, Caster believed the defence electronics manufacturer is well positioned to deliver good organic growth from a range of international programmes. “This organic growth will be augmented by the contributions and market synergies to be derived from the eight acquisitions made in 2008 which both widen the portfolio and increase the geographic reach of Ultra,” said Caster. “Many of Ultra’s niche markets are also relatively resilient in terms of maintaining growth despite current economic conditions,” said Caster. The company made eight acquisitions in the year which represented an investment of £85m. (Source: Google)
27 Feb 09. Textron Inc. (NYSE: TXT) today announced that it has reached a definitive agreement to sell HR Textron, an operating unit within its Textron Systems segment to Woodward Governor Company (NASDAQ: WGOV) for $365m in an all-cash transaction. “This transaction is an excellent value for Textron and Woodward and is consistent with Textron’s financial strategy and our defense and intelligence systems strategy within the Textron Systems segment,” said Lewis B. Campbell, Textron’s chairman and CEO. The deal is expected to be completed early in the second quarter, subject to certain closing conditions and completion of pending regulatory reviews. The sale is expected to generate approximately $265 million in net, after-tax cash proceeds. (Source: ASD Network)
02 Mar 09. Dunedin, the mid-market private equity group, will today shrug off the gloom pervading its industry by announcing the profitable sale of Fernau Avionics, the Luton-based maker of navigational equipment for civil and military aviation. Moog Inc, the US maker of motion control systems for aircraft, turbines, cars and medical devices, is expected to pay about £32m for Fernau, which supplies mobile and ground-based navigational installations. The deal, generating a 3.2-times return on Dunedin’s initial £8m equity investment 18 months ago, is a rare example of a profitable exit for a private equity company. (Source: FT.com)
Comment: Dunedin also purchased WFEL, the military bridging specialist from Kidde. WFEL told BATTLESPACE last month that the Company is trading beyond expectations and there are no plans for a sale.
04 Mar 09. TenCate generates sales of more than €1bn and profit growth of 35%
– Revenues 2008: €1,033m (+17%; +5% in autonomous terms)
– EBITA 2008: €95.4m (+31%)
– EBITA margin 2008: 9.2% (2007: 8.2%)
– Net result before amortization and excluding result from divested
activities and exceptional items (cash earnings) 2008: €62.7m
(+35%)
– Net result 2008: €51.1m (2007: €46.4m)
– Revenues fourth quarter 2008: €251m (+11%)
– EBITA fourth quarter 2008: €24.3m (+9%)
– Dividend proposal €0.85 (stock and optional dividend (cash /
shares); 2007: €0.80 optional dividend (cash / shares)
TenCate operates in sustainable growth markets and recorded an 11% growth in sales in the fourth quarter. Autonomous growth in sales stagnated, however, due to the effects of the global tightness on the financial markets. There was evidence of a reduction in inventories among our customers, which had a delaying effect. Although there was still little indication of a structurally lower demand in end markets, some delay in projects did occur. There was a peak in the sales in the fourth quarter of 2007, principally as a result of the delivery of military orders (