12th May 2021 10:44
(Alliance News) - Ultra Electronics Holdings PLC on Wednesday said operating performance is progressing largely as anticipated, while cash generation remains robust.
The London-based company serving the defence, security, critical detection & control markets said it has experienced strong order book growth in the period since year end and order intake was well ahead of the same period in 2020.
By division, the FTSE 250-listed company said Maritime was marginally behind the prior year, mainly due to pandemic driven milestone delays as well as some short-term supply chain and productivity issues.
Intelligence & Communications delivered strong revenue growth in the first quarter of 2021 and was well ahead of the prior year.
Meanwhile, sales in Critical Detection & Control declined relative to the same period in 2020 due to global weakness in commercial aerospace. There was, however, a stronger than expected performance in Ultra Electronics' other Critical Detection businesses, particularly Forensic Technology.
"We continue to expect 2021 to be another year of good progress for Ultra Electronics," the company said in its statement.
Ultra Electronics shares were trading 1.0% higher in London on Wednesday morning at 2,036.00 pence each.
The company said it will report its results for the six months to the end of June on August 3.
By Evelina Grecenko; [email protected]
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