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Ultra Electronics (ULE)

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Tuesday 14 April, 2020

Ultra Electronics

Market Update

RNS Number : 4581J
Ultra Electronics Holdings PLC
14 April 2020
 

Ultra Electronics Holdings plc

("Ultra" or "the Group")

 

Market Update

 

Ultra provides the following update in the light of the ongoing COVID-19 pandemic and Government mandated actions taken to mitigate its impact.

 

Response to COVID-19

Our first priority is to keep our employees as safe and healthy as possible. We are also required to continue to support our customers' needs. Where possible, we have therefore enabled home working across the Group, and we have changed shop floor practices to meet recommendations on social distancing and employee protection.

 

Our employees are showing great spirit and resilience. As a result of their exceptional efforts, all facilities remain open and productive, and there has been no significant disruption to product or programme delivery. 

 

Current Trading

Trading in the first quarter of 2020 was broadly in line with our expectations with good underlying order book, revenue, profit and cash performance.

 

Demand in our defence markets and most of our critical detection and control markets remains robust.  Our supply chains are also proving generally stable, and we are working to mitigate and provide support as necessary where we see isolated issues. Production inefficiency associated with changing working patterns has so far been kept to a minimum.

 

We also remain focused on driving transformation across Ultra and we made good progress on the key initiatives in the first quarter. 

 

 

Liquidity and balance sheet position

Full Year Dividend and 2020 Annual General Meeting

Outlook

 

Enquiries:

Ultra Electronics Holdings plc

 

Simon Pryce, Chief Executive

Jos Sclater, Chief Financial Officer

0208 813 4307

 

Gabby Colley, Head of Investor Relations

07891 206239

[email protected]

 

 

MHP Communications

020 3128 8570

Tim Rowntree / James Bavister / Pete Lambie

 

 

About Ultra:


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