11th Nov 2015 08:26
LONDON (Alliance News) - Ultra Electronics Holdings PLC on Wednesday said it is trading in line with its expectations for the full year despite its key markets remaining clouded by uncertainty.
The defence company said its markets have remained subdued over the course of the year and said the US Department of Defense's budget is only now closing in on being resolved, which may provide some more certainty in the future. This uncertainty has been exacerbated by election activity in the UK and the US over the course of the year, the company said.
But Ultra has been cutting costs to mitigate the tough markets and said these actions leave it trading in line with full-year expectations.
Shares in the company were up 2.4% to 1,786.00p on Wednesday morning, one of the best performers in the FTSE 250.
Ultra also said Finance Director Mary Waldner is to step down in order to take up a finance director role with an unnamed private company outside the defence and aerospace sector. She will leave the company following its 2015 final results announcement.
The search for a new finance director has started, Ultra said.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
ULE.L