22nd Apr 2005 07:00
Ultra Electronics Holdings PLC22 April 2005 Embargoed until 0700 22 April 2005 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, Peter Macfarlane,Chairman of Ultra, will make the following statement: "As announced on 21 February in the preliminary results statement, 2004 was avery positive year for Ultra; once again the Group achieved record sales andprofit and the acquisitions made in the last few years made an importantcontribution to this success. This growth was achieved despite the significantweakening of the US dollar. "Ultra's success is driven by its ability to identify investment opportunitiesthat deliver growth, either within existing businesses or by the acquisition ofbusinesses which complement and broaden the Group's portfolio of products andcapabilities. During 2004, Ultra invested a total of £44m on acquisitions,research & development, capital expenditure and new business development. "Cash generation in 2004 was strong, with a conversion percentage from operatingprofit, after capital expenditure, of 111%. Even after the significantinvestment in 2004, the Group's net debt decreased by £7m over the course of theyear. "Last month, Ultra announced that it had agreed to acquire the assets of the aerospace cockpit instrumentation business of Horizon Aerospace LLC for a cash consideration of $4.5m. Horizon supplies and supports a broad range of cockpit indicators for military and civil aircraft and will be integrated with Ultra's nearby Flightline Systems business. "2005 has started well. In the first quarter, Ultra won orders worth over £80m,including significant international contracts for battlespace IT equipment,giving an order book of over £400m. Trading so far this year has been in linewith expectations and the Board has confidence in the outlook for the Group in2005. "As planned, I will be retiring from the Board at the conclusion of the AGM,having been Chairman since 1994. I have thoroughly enjoyed my time at Ultra andam confident that the proposed appointments of Dr. Julian Blogh as Chairman andof Douglas Caster as Chief Executive will provide management continuity to drivethe further development of the Group." - Ends - Enquiries: Ultra Electronics Holdings plc 020 8813 4321Dr Julian Blogh, Chief Executive www.ultra-electronics.comDouglas Caster, Chief Operating Officer [email protected] Weber Shandwick Square Mile 020 7067 0700Susan Ellis / Susanne Walker 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 2,800 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; tactical data links; cryptographic equipment; active,passive and multi-static sonobuoys; sonobuoy receivers and processors;distributed surveillance sensor arrays; ship's sonar systems; acousticcountermeasure 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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