Ultra Electronics says defence orders weighted towards H2

30th Apr 2014 08:26

- Overall trading, full-year expectations unchanged- Expects H2 defence orders and revenue to higher than usual- Confident of progress in year ahead, if currency headwinds remain stableDefence, security, transport and energy electronics company Ultra Electronics said overall conditions in its markets and expectations for the full-year remain unchanged despite currency headwinds. The FTSE-250 group, which makes submarine sonar systems, said it continues to anticipate a greater second-half weighting of defence orders and revenue than is typical. As previously highlighted, Ultra said it continues to experience currency headwinds. If the US dollar rate were to remain at current levels, it would result in a translation headwind for 2014 as a whole of about £3.6m at the operating profit level, it explained. The group which has spent about £100m on acquisitions since the start of 2014, said its balance sheet remains strong and there has been no significant change in the financial position of the group since its last update in March.The group said has substantial headroom associated with its current banking facilities and is confidence that, subject to any further increase in currency headwinds, it will achieve progress in 2014. CJ