Share Price 1758.00p change of 1.00p
Tuesday 27 September 2016 10:59AM
The US Defense Security Service (DSS) honoured Ultra Electronics with three James S. Cogswell Awards for industrial security excellence during a June 8, 2016, ceremony in Nashville, Tennessee.
Ultra Electronics has today announced the launch of CORVID PayGate Limited, the new brand for Ultra Payments, (previously also known as Barron McCann Payments) the specialist in the development and supply of global strategic payment processing software, data validation and services to support automated banking and e-commerce.
Ultra awarded £7.5m contract for restoration and sustainment of two Philippines Jacinto Class Patrol Vessels
Further to the announcement made on 27 May 2016, Ultra is pleased to confirm that the divestment of its global ID cards business to private equity firm LDC, for a cash consideration of £22m, has now received US regulatory approval and the transaction has been completed.
"Market conditions have remained largely unchanged since our last preliminary announcement. US defence outlays ended the period close to budget levels but with higher spending in the first quarter compared to the second. The order book has increased over 2016; further, we have been selected for some significant orders in export markets with contract award expected in the second half. Our latest acquisition, Herley, performed well in the period and its integration is ahead of schedule. The proceeds of the recently announced disposal of ID Systems will be used to reduce Group debt. We continue to explore options to further rationalise and improve Ultra’s portfolio." Rakesh Sharma, Chief Executive.
Ultra Electronics awarded a five year Acoustic Countermeasure Contract worth up to $34m Ultra Electronics announced today that its Ocean Systems business, based in Braintree, MA USA, has been awarded a firm one year contract valued at just over $4m from the US Navy for the continuing production of the ADC MK2 Countermeasure.
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