Ultra, the international defence, security, transport and energy company, today issues its Interim Management Statement for the period 1 January 2014 to 29 April 2014. Ultra’s Annual General Meeting will be held today at 10.00 a.m.
Overall, conditions in Ultra’s markets remain as noted on 3 March 2014 in the 2013 preliminary results announcement and expectations for the full year remain unchanged. During 2014 it is expected that US defence priorities will become clearer, improving the procurement process that currently remains subject to delays. Ultra continues to anticipate a greater second half weighting of defence orders and revenue than is typical.
The Group is maintaining its customary focus on cost as individual businesses adjust to their particular market conditions. As highlighted on 3 March 2014, Ultra continues to experience currency headwinds. If the US dollar rate were to remain at current levels, it would result in a translation headwind for 2014 as a whole of about £3.6m at the operating profit level.
Since the start of 2014, Ultra has spent about £100m on acquisitions. The Group’s balance sheet remains strong and there has been no significant change in the financial position of the Group since that reported on 3 March 2014. The Group has substantial headroom associated with its current banking facilities.
Ultra’s business model continues to give the Board confidence that, subject to any further increase in currency headwinds, the Group will achieve progress in 2014. Ultra will announce its interim results for the six months ending 30 June 2014 on 4 August 2014.
Rakesh Sharma, Chief Executive
Mary Waldner, Group Finance Director
020 8813 4307
Susan Ellis, Corporate Affairs Adviser
07836 522 722
James White, MHP Communications
020 3128 8756