Ultra Electronics, the technology company with interests in defence, transport and energy, says it will continue to face strong headwinds from both the US and UK defence market.
In an update today the firm says: "In the US, it is anticipated that political brinkmanship on budgets will continue through 2012".
Ultra also notes the UK Ministry of Defence is redesigning its procurement process, while in both markets: "government agencies are delaying the start of new programmes and incrementally funding existing ones."
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
Over the first four months of 2012 Ultra says performance has been "in line" with expectations although does not reveal actual numbers.
Recent contract wins include agreements to provide specialist nuclear sensors for Areva and Westinghouse at nuclear power station projects in the USA, China and Sweden.
Ultra has been a solid performer on the FTSE 250 for some time, rising 3% in the last 12 months, up 16% since the beginning of this year.
BS
-
The most resilient ski resorts in the world – where is the best place for snow retention?Luxury ski resorts are thriving, with some destinations better positioned to weather the storm of warmer winters than others. We look at the most resilient locations for snow
-
Clubrooms by No1 Lounges review: A luxury airport lounge for escaping the hustle and bustleMoneyWeek visits Clubrooms by No 1 Lounges, an airport lounge intended to elevate the pre-flight experience for passengers seeking privacy
