Full year revenue rises at Ultra Electronics despite mixed market conditions

FTSE 250-listed Ultra Electronics has unveiled its preliminary results for the year ended December 31st, showing that revenue increased despite mixed market conditions across the group's broad portfolio.

FTSE 250-listed Ultra Electronics has unveiled its preliminary results for the year ended December 31st, showing that revenue increased despite mixed market conditions across the group's broad portfolio.

Revenue rose 4.0% to £760.8m from £731.7m one year earlier. Underlying operating profit rose by 0.1% to £122.2m from £122.1m a year earlier.

Underlying earnings per share increase by 3.6% to 124.5p. The final dividend per share rose 3.7% to 27.8p and the total dividend per share rose 3.9% to 40.0p.

The company reported increased investment to drive future growth and said that revenue reinvested by Ultra in new product and business development was up to £49m from £41m in 2011.

Rakesh Sharma, Chief Executive Officer of Ultra Electronics, commented: "Ultra's results reflect good performances in the transport, energy, security and cyber sectors, offset by the challenges the group faces in its traditional defence markets.

"The UK and US defence markets have experienced a year of budget uncertainty that has delayed the start of new programmes and resulted in incremental-only funding of others, notably in the land domain.

"Mixed conditions across Ultra's sectors are reflected in the group's underlying organic performance. Nevertheless, the group continued its strategy of investment in differentiated specialist capabilities to underpin medium and long-term growth, through increased research and development and through acquisitions."

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020
Oil producers are back at their Covid-19 lows – is it time to buy?
Oil

Oil producers are back at their Covid-19 lows – is it time to buy?

With demand for oil hammered by Covid-19 and talk of “peak oil demand”, there are lots of good reasons to be bearish on oil producers. So, asks John S…
22 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020