• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Excelitas Qioptiq banner

BATTLESPACE Updates

   +44 (0)77689 54766
   

  • Home
  • Features
  • News Updates
  • Defence Engage
  • Company Directory
  • About
  • Subscribe
  • Contact
  • Media Pack 2023

ULTRA ANNOUNCES SHARP PROFIT RISE

February 28, 2004 by

23 Feb 04. Ultra Electronics announced a sharp rise in full-year profits as the niche defence contractor confirmed boardroom changes.

Julian Blogh, the chief executive who is to become chairman and be succeeded by Doug Caster, managing director, said acquisitions and increased orders had fuelled growth.

“With a strong balance sheet driven by high quality of earnings, Ultra enters 2004 with the capacity to continue its strategy of acquiring complementary businesses that strengthen its market niches. These factors, coupled with the strong order book, give the board confidence in the performance of the group in 2004,” he said.

The company, which specialises in integrated radio, command and control systems known as “battlespace IT” said it was confident about the current year after it reported record levels of sales, profit and order book for the year to December. Its operating margin before goodwill amortisation topped 13 per cent, helped by some recovery in the civil aerospace spares and repairs market during the period and increased efficiency achieved on contracts. The order book increased from £348m a year ago to £375m at the year-end.

The final dividend is increased by 9.3 per cent to 8.2p for a total pay-out of 12.3p (11.2p). Profit before tax was £29.5m (£26m) on turnover of £284m (£260m). Earnings per share emerged at 30.8p (27.3p).

Ultra’s share price eased by 1½p to 542½p.Some analysts said the numbers were broadly in line with their forecasts but were encouraging considering the weakness of the dollar – about a third of group sales are generated in North
America.

However, Steve East at Credit Suisse Boston, said: “This is a high quality defence company [but] we believe it is already priced as a quality defensive play and we see more value in some of the cyclicals in the sector.” (Source: FT)

Primary Sidebar

Advertisers

  • qioptiq.com
  • Exensor
  • TCI
  • Visit the Oxley website
  • Visit the Viasat website
  • Blighter
  • SPECTRA
  • Britbots logo
  • Faun Trackway
  • Systematic
  • CISION logo
  • ProTEK logo
  • businesswire logo
  • ProTEK logo
  • ssafa logo
  • Atkins
  • IEE
  • EXFOR logo
  • KME logo
  • DSEi
  • sibylline logo
  • Team Thunder logo
  • Commando Spirit - Blended Scoth Whisy
  • Comtech logo
Hilux Military Raceday Novemeber 2023 Chepstow

Contact Us

BATTLESPACE Publications
Old Charlock
Abthorpe Road
Silverstone
Towcester NN12 8TW

+44 (0)77689 54766

BATTLESPACE Technologies

An international defence electronics news service providing our readers with up to date developments in the defence electronics industry.

Recent News

  • EXHIBITIONS AND CONFERENCES

    February 3, 2023
    Read more
  • VETERANS UPDATE

    February 3, 2023
    Read more
  • MANAGEMENT ON THE MOVE

    February 3, 2023
    Read more

Copyright BATTLESPACE Publications © 2002–2023.

This website uses cookies to improve your experience. If you continue to use the website, we'll assume you're ok with this.   Read More  Accept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT