Broker snap: UBS downgrades Ultra Electronics to sell
15th Dec 2011 09:34
UBS has downgraded its rating for high-tech defence firm Ultra Electronics from neutral to sell, saying the group is not immune to defence budget cuts. Around half of Ultra's revenues source from the US, the majority of which are with the Department of Defense and other security agencies, UBS said.
Read moreThursday broker round-up - UPDATE
15th Dec 2011 08:48
Hays: Barclays initiates at outperform. Morgan Crucible: Goldman Sachs upgrades to buy from neutral. Hargreaves Lansdown: Citi cuts to neutral from buy. Cairn Energy: Investec keeps hold, target cut from 333p to 291p. Betfair: UBS raises target from 620p to 625p, sell rating unchanged. Logica:
Read moreUltra Electronics in double acquisition
5th Dec 2011 07:06
It was a double deal for Ultra Electronics, the high-tech defence firm, which has acquired both Zu Industries and Special Operations Technology (SOTECH). Zu Industries was purchased for a cash consideration of $76.6m, while SOTECH was bought for $38.4m. As part of the Zu transaction, Ultra has
Read moreUltra battles government head winds in US and UK
14th Nov 2011 08:56
Ultra Electronics, the high-tech defence firm, says it will continue to be able to grow profits, albeit in a difficult environment for military procurement. In its interim management statement, Ultra says the political situation in the US, which is currently operating under a so-called "continuing
Read moreUltra Electronics acquires AEP for $57.5m
29th Sep 2011 12:25
High-tech defence products supplier Ultra Electronics has acquired AEP Networks, a supplier of secure network communication solutions, for an initial cash consideration of $57.5m. A further sum of up to $17.5m will be paid to the vendors based on financial results to the end of the year. The acqu
Read moreCapital deputy chairman goes shopping
12th Aug 2011 16:25
Capital Shopping Centres (CSC) deputy chairman John Whittaker has opened his wallet, spending nearly £1m on shares in the owner of shopping centres including Manchester's Trafford Centre. He took 302,450 shares at 319p a time and now has 172m, more than 20% of the company. Whittaker is the chairm
Read moreTuesday tips round-up: Intertek, Ultra Electronics, Xchanging
2nd Aug 2011 06:28
Intertek is the company you hire to determine whether the paint coating your mug is toxic. Or to find out whether Jeremy Clarkson's assertions about the mileage achieved by an electric vehicle are accurate. It is the world's largest provider of testing services. Good products, good management and ac
Read moreUltra Electronics profits up despite spending squeeze
1st Aug 2011 09:55
High-tech defence products supplier Ultra Electronics managed to squeeze out a higher pre-tax profit in the six months to 1 July, despite the impact of spending cuts in the UK and US. Ultra, whose range of products includes unmanned aerial vehicles and joysticks for planes, saw revenues decline to
Read moreMinistry of Defence's radios worth £184m off the air
5th Jul 2011 13:51
The Ministry of Defence's (MoD) failure to account for the existence and condition of assets worth £6.3bn, including the location of radios worth £184m, has highlighted the governmental department's inability to manage resources, the Defence Select Committee said in its report. The committee said
Read moreUltra wins order in Oman
4th Jul 2011 16:37
High-tech defence products supplier Ultra Electronics is to act as the master systems integrator for new terminals at Muscat and Salalah airports in Oman. The value of the award is 127.5m Omani Rials, equivalent to around £207m at current exchange rates. Ultra said the receipt of the award will n
Read moreEnquest chief exec spends more millions
1st Jul 2011 16:06
Enquest's chief executive Amjad Bseisu has been increasing his stake in the FTSE 250-listed North Sea oil and gas group, spending nearly £3m on shares. Double A, "a discretionary Trust in which the extended family of Amjad Bseisu have a beneficial interest" took about 2.44m shares at 121.6p a time
Read moreLondon close: FTSE 100 slides as worries persist
8th Jun 2011 16:38
Stocks finished firmly in negative territory as worries over the state of the global economy continued. Stocks finished lower in the US last night after downbeat comments from Federal Reserve president Ben Bernanke on US economic prospects. After a hesitant start, London's leading share index took
Read moreFTSE 250 movers: African Barrick Gold spooked by supertax reports
8th Jun 2011 15:33
Mining firm African Barrick Gold has taken a tumble after it responded to reports of a new "Super Profits Tax" on the mining industry in Tanzania, saying it is unaware of any such tax. Falling metals prices is most likely partly attributable to the fall as well. Meanwhile, Punch Taverns is a high r
Read moreLondon midday: Stocks dive as worries grip markets
8th Jun 2011 12:13
The top share index is deep in the red now as global economic worries continue to overshadow trading. Stocks finished lower in the US last night after downbeat comments from Federal Reserve president Ben Bernanke on US economic prospects. After a hesitant start, London's leading share index took a
Read moreLondon open: FTSE 100 edges lower
8th Jun 2011 08:29
Stocks have retreated slightly after last night's comments from Federal Reserve chairman Ben Bernanke failed to lift US stocks into the blue ahead of the close. In stocks news, the spell of unusually hot weather over spring had drinkers queuing up at Punch Taverns, a top riser today, helping Britai
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