Ultra Electronics confirms termination of Oman airport IT contract

23rd Jan 2015 08:18

Ultra Electronics, the UK defence, security, energy and transport group, has confirmed that its IT contract with Oman airport has been scrapped.The termination would likely lead to a provision against contract balances in Ultra's 2014 results, though 2014 cash would not be affected."Discussions with the customer will commence next week to work towards settlement. Ultra is unable to comment further at this stage," the company said.Ultra, which has provided electronic infrastructure, IT networks, communications and security systems at both the Muscat and Salalah airports, will update the market in March at the time of its annual results announcement.The contract was worth £207m when it was first awarded in 2011.Ultra's shares were down 0.7% at 1,810p in early deals on Friday.