Ultra Electronics confident on defence spending

21st Apr 2011 07:38

High-tech defence products supplier Ultra Electronics believes its focus on specialist products will help it withstand defence cuts. Trading has been in line with expectations. In the US, recent progress in allocating the defence budget should unblock delayed contract awards over the next few months. Delays continue in the UK due to procurement reforms and reviews of funding priorities, but the market now accounts for a small proportion of the company's revenues."The group has strategies for long-term growth, a resilient business model and a demonstrated ability to win new contracts and execute them effectively," Ultra said. "These factors underpin the board's confidence that, despite short-term uncertainties in some markets, Ultra's performance will be in line with the Board's expectation and that the Group will make progress in 2011 and beyond."