10th Mar 2020 08:30
(Alliance News) - Ultra Electronics Holdings PLC on Tuesday upped its payout after posting a sharp profit rise in 2019.
The FTSE 250-listed defence & aerospace, security, transport and energy reported pretax profit of GBP91.0 million, more than doubled from GBP42.6 million. This was on revenue which climbed 7.7% to GBP825.4 million from GBP766.7 million.
Ultra Electronics added that it ended the year with a "healthy" order book which stood at GBP1.02 billion, a 4.0% year-on-year rise from GBP983.9 million.
The company raised its dividend per share by 5.0% to 54.2 pence from 51.6p.
Chief Executive Simon Pryce said: "2019 was a busy year for Ultra, and one in which we made great progress.
"We enter 2020 with an enhanced, engaged and motivated team and a strong order book. In addition to focussing on improved delivery, we will be accelerating investment in internal research & development and underlying IT infrastructure as well as process standardisation and excellence."
The company added that although the duration and full impact of the Covid-19 spread is uncertain, the contagion is not currently hindering its trading.
"Our preliminary assessment is that we don't currently believe it will have any material long term impact. We are continuing to monitor the situation closely," Ultra Electronics added.
Shares in the company were 11% higher at 2,112.00p each in London on Tuesday morning.
By Eric Cunha; [email protected]
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