Ultra Electronics Holdings PLC Trading Update (5715E)
09 November 2020 - 6:00PM
UK Regulatory
TIDMULE
RNS Number : 5715E
Ultra Electronics Holdings PLC
09 November 2020
For Immediate Release 9 November 2020
Ultra Electronics Holdings plc
("Ultra" or "the Group")
Q3 2020 Update
Ultra Electronics Holdings plc today updates the market on its
performance over the nine months to 30 September 2020.
Despite the ongoing Covid pandemic, trading continues as
expected. Across the Group our employees continue to show
exceptional commitment and resilience. All facilities remain open
and productive, with no significant disruption to demand or
operational performance.
Order intake remains strong with good revenue growth, as
anticipated. Operating margins are slightly better than expected
due to lower indirect costs related to the pandemic. These costs
are expected to normalise in 2021, alongside further investment in
the business, as previously communicated.
Cash conversion has benefited from strong advance payments, and
reduced capex due to Covid related deferral of site investments,
expensing design elements of our transformation and revising our
ERP strategy.
The Focus; Fix; Grow programme is progressing well and,
pleasingly, we see opportunities to accelerate the pace of our
transformation investment in 2021.
We continue to closely monitor the Covid situation. Whilst we
expect the challenging conditions in commercial aerospace to
continue into 2021, our core defence markets are robust, and we
remain confident in Ultra's ability to deliver exceptional value
for all our stakeholders.
2020 results
Preliminary results for the year ending 31 December 2020 will be
released on 9 March 2021.
Enquiries:
Ultra Electronics Holdings plc
Simon Pryce, Chief Executive
Jos Sclater, Chief Financial
Officer 020 8813 4307
Gabby Colley, Head of Investor 07891 206239
Relations Investor.relations@ultra-electronics.com
MHP Communications 020 3128 8570
Tim Rowntree / James Bavister
/ Pete Lambie
About Ultra:
Ultra provides application-engineered tailored solutions. We
focus on our customers' mission critical and intelligent systems in
the defence, security, critical detection & control
markets.
www.ultra.group
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END
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