23rd Jan 2015 07:11
LONDON (Alliance News) - Ultra Electronics PLC on Friday said it is set to make a non-cash provision in its 2014 accounts after it received notice that its Oman Airport IT contract has been terminated.
The company said it will start talks with the client next week to work towards a settlement and could not make any further comment at this stage.
As a result of the cancellation of the contract, the company expects to take a provision against contract balances in its 2014 results, though it said its 2014 cash position would not be impacted.
The impact on its underlying profit for the financial year to the end of December 2014 will be minimal, the company said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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