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."
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
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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
