25th Apr 2008 07:00
Ultra Electronics Holdings PLC25 April 2008 Embargoed until 0700 25 April 2008 Ultra Electronics Holdings plc ("Ultra" or "the Group") Interim Management Statement Ultra is today publishing its first Interim Management Statement in accordancewith rule 4.3 of the Disclosure and Transparency Rules of the UK ListingAuthority. It relates to the period from the start of January to date. Ultra'sAnnual General Meeting will be held today at 10.00 a.m. Conditions in Ultra's markets remain beneficial as noted on 25 February 2008 atthe time of the preliminary announcement of the Group's 2007 results. Ultra'sbroad portfolio and spread of niche market positions continue to underpin theGroup's performance. Trading in the year to date has been encouraging and in line with the Board'sexpectations. •The Group announced two acquisitions in the period, Magneto Inductive Systems Limited ($22m) and Harris Acoustics ($7m). Completion of both these acquisitions is expected by the end of June. Ultra is still actively targeting companies that have a proven track record and that can bring enhanced value to the Group. •The Group won further significant orders in the period. These included a $23m contract to supply ADSI command and control systems to the US Navy and an order for enhanced tactical radios for the US Army valued at $30m. •Ultra's civil and military aircraft system development programmes are progressing satisfactorily and the delays announced in respect of some of these platforms will not materially impact Ultra's 2008 results. •Results from the Group's businesses are encouraging and in particular, Ultra's strategic focus on battlespace IT is yielding benefits with good operational performance in the year to date in those businesses. Ultra's balance sheet remains strong and there have been no significant changesin the financial position of the Group since that reported as at 31 December2007, other than the acquisitions noted above which were funded through anincrease in bank borrowings. Demand in all of Ultra's main markets remains strong and the size of availablebudgets gives significant headroom for further growth. The Group's order bookgives Ultra its customary level of visibility and reflects its position on awide range of international platforms and programmes. The Board is confidentthat Ultra's performance in the first half will be in line with expectations andthat the Group will continue to make good progress in 2008. - 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/James White Cautionary Statement: This announcement contains forward-looking statements that are based on currentexpectations or beliefs, as well as assumptions about future events. Theseforward-looking statements can be identified by the fact that they do not relateonly to historical or current facts. Forward-looking statements often use wordssuch as anticipate, target, expect, estimate, intend, plan, goal, believe, will,may, should, would, could, is confident, or other words of similar meaning.Undue reliance should not be placed on any such statements because they speakonly as at the date of this document and, by their very nature, they are subjectto known and unknown risks and uncertainties and can be affected by otherfactors that could cause actual results, and Ultra's plans and objectives, todiffer materially from those expressed or implied in the forward-lookingstatements. There is a number of factors which could cause actual results todiffer materially from those expressed or implied in forward looking statements.Among the factors that could cause actual results to differ materially fromthose described in the forward-looking statements are, increased competition,the loss of or damage to one or more key customer relationships, changes tocustomer ordering patterns, delays in obtaining customer approvals forengineering or price level changes, the failure of one or more key suppliers,the outcome of business or industry restructuring, the outcome of anylitigation, changes in economic conditions, currency fluctuations, changes ininterest and tax rates, changes in raw material or energy market prices, changesin laws, regulations or regulatory policies, developments in legal or publicpolicy doctrines, technological developments, the failure to retain keymanagement, or the key timing and success of future acquisition opportunities ormajor investment projects. Ultra undertakes no obligation to revise or update any forward looking statementcontained within this announcement, regardless of whether those statements areaffected as a result of new information, future events or otherwise, save asrequired by law and regulations. Further information about Ultra: Ultra Electronics is a group of specialist advanced technology businesses thatdesign, manufacture and support electronic and electromechanical systems,sub-systems and products for defence, security, aerospace and transportapplications worldwide. Ultra, which employs 3,200 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 systemtest equipment; aircraft cockpit indicators; aircraft noise and vibrationcontrol systems; airframe protection systems, armoured vehicle electronicinformation and control systems; human/computer interface equipment and crisisinformation management systems. 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; secure video-conferencing systems; voice andmagneto-inductive communication systems; tactical data links; cryptographicequipment; active, passive and multi-static sonobuoys; sonobuoy receivers andprocessors; distributed surveillance sensor arrays; ship's sonar systems;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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