27th Apr 2007 07:01
Ultra Electronics Holdings PLC27 April 2007 Embargoed until 0700 27 April 2007 Ultra Electronics Holdings plc ("Ultra" or "the Group") AGM Statement Ultra Electronics Holdings plc will hold its Annual General Meeting inGreenford, Middlesex today at 10.00 a.m. At the meeting, Dr. Julian Blogh,Chairman of Ultra, will make the following statement: "As announced on 26 February in its preliminary results statement, Ultra madeexcellent progress in 2006, achieving strong growth in both revenue and profits.The Group's performance reflected increased contributions from its specialistactivities in battlespace IT, airport IT systems and underwater battlespacesystems and equipment. Contributions were also made by the acquisitionscompleted in 2005 and the two further small acquisitions completed during 2006.Several important contracts were secured during 2006, including positions on newprogrammes that will support further growth of the Group. The high quality of Ultra's earnings was underscored by good cash generation. The conversion of operating profit to operating cash flow in the year was 98%. Over the last five years the Group's average cash conversion has been 110%. Consequently, net debt at the end of the year was just £7.2m. Ultra has the funds to make further acquisitions that will enhance andcomplement the Group's range of niche activities in growing market sectors. TheGroup pursues good quality businesses that can be acquired at sensible multiplesand to which Ultra's ownership adds value. The value of the order book at the end of 2006 was over £580m. It reflected theGroup's strong positions on existing platforms as well as its success in winningpositions on new programmes, in some cases with new products. As a result, thelevel of development activity in the Group in 2007 will be higher than in recentyears. Trading so far this year has been in line with expectations. In the firstquarter, Ultra won significant US orders for sonobuoys and has now secured thecontract for the capability demonstration phase of a loitering munition systemfor the British Army." - Ends -Enquiries: Ultra Electronics Holdings plc 020 8813 4321Dr Julian Blogh, Chairman www.ultra-electronics.comDouglas Caster, Chief Executive [email protected] Weber Shandwick Financial 020 7067 0700Susan Ellis / Louise Robson Notes to editors:Ultra Electronics is a group of specialist businesses designing, manufacturingand supporting electronic and electromechanical systems, sub-systems andproducts for defence, security and aerospace applications worldwide. Ultra, which employs 3,000 people in the UK and North America, focuses on highintegrity sensing, control, communication and display systems with an emphasison integrated information technology solutions. The Group concentrates onobtaining a technological edge in niche markets, with many of its products andtechnologies being market leaders in their field. Ultra's products and services are used on aircraft, ships, submarines, armouredvehicles, surveillance systems, airports and transport systems around the world.Ultra also plays an important role in supporting prime contractors byundertaking specialist system and sub-system integration using the combinedexpertise of the Group businesses. Ultra is organised into three divisions as follows: Aircraft & Vehicle Systems including miniature airborne compressors; highintegrity software and systems; aircraft system electronics; aircraft cockpitindicators; aircraft noise and vibration control systems; airframe protectionsystems, armoured vehicle electronic information and control systems; human/computer interface equipment and shared working environment solutions. Information & Power Systems including command and control systems equipment;weapons interfacing electronics; radar tracking; electro optical tracking;surveillance systems; naval data processing and distribution; airport andairline information management systems; ID card systems; naval power conversion;signature management of naval vessels; transit system power conversion andcontrol. Tactical & Sonar Systems including secure tactical line-of-sight radio systems,multiplexers and switches; voice communication systems; tactical data links;cryptographic equipment; active, passive and multi-static sonobuoys; sonobuoyreceivers and processors; distributed surveillance sensor arrays; ship's sonarsystems; acoustic countermeasure systems and ship's torpedo defence systems. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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