Ultra Electronics' USSI business has been awarded US Navy contracts for sonobuoys, the acoustic sensors which are used to detect the presence of submarines, worth just over $20m.
The win brings the total amount awarded to the high-tech defence firm since October to $29.2m.
Delivery of the sonobuoys will be made over a twelve month period beginning in the early part of this year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Rakesh Sharma, Chief Executive of Ultra, said: "Ultra's focus on innovation coupled with its expertise in high quality manufacturing and on-time delivery has resulted in these further orders for sonobuoys."
"We are pleased that the US Navy continues to recognise the support it receives from USSI by awarding these contracts. Awards such as these help maintain the Group's order book and show the resilience that Ultra derives by fostering enduring customer relationships," he said.
The share price 0.51% to 1,573p to 08:12.
NR
-
Will Comstock crash – or soar?Opinion The upside for Comstock, a solar panel-recycling and biomass-refining group, dwarfs the downside, says Dominic Frisby.
-
Can new management turn RIT Capital around?After several years of poor performance, there is growing evidence that RIT has turned the corner, says Max King
