Ultra Electronics revenue growth continues

23rd Apr 2010 07:26

Defence industry supplier Ultra Electronics said revenue has continued to grow and its performance in the first quarter has been in line with expectations. The group did warn that the UK General Election process is slowing the award of contracts and there will be a subsequent re-examination of defence priorities.But it said its strategies make it resilient to anticipated downward pressure on budgets in the UK and the US and UK defence budgets remain large to give it significant headroom for further growth."Based on the Group's strong order book, resilient business model and broad range of niche capabilities, the Board continues to expect that the Group will make good progress in 2010 and beyond," said Ultra Electronics.