Ultra Electronics issues profit warning, Financial Director bails

Defence contractor Ultra Electronics has said that uncertainty and cutbacks in the defence sector will hit it profits for the year. In addition, the Finance Director has decided to move on.

Defence contractor Ultra Electronics has said that uncertainty and cutbacks in the defence sector will hit it profits for the year. In addition, the Finance Director has decided to move on.

In a trading updatem the FTSE-250 company said: "Against a backdrop of adverse market conditions in the defence sector, largely driven by political discord over US deficit management, the board expects the group's performance in the year to be sustained around 2011 levels."

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