Markets lock on to Ultra Electronics results

1 mins. to read
Markets lock on to Ultra Electronics results

FTSE 250 defence equipment manufacturer Ultra Electronics (LON:ULE) saw its share price increase by 6.23% to 2,144p (as of 15:20 GMT) after posting results for 2020. Revenues for the 12 months to 31st December were up by 4.2% and pre-tax profits climbed by 14% as it maintained organic growth and improved operating margins.

CEO Simon Pryce commented: “2020 was a year which demonstrated the underlying strength of Ultra, and the capabilities and dedication of our outstanding people.

Through the extraordinary efforts of the whole Ultra team, we made good strategic progress and achieved our third consecutive year of strong organic growth. We made good progress on our ONE Ultra transformation and, as a result, we delivered or exceeded most of our stakeholder objectives. These would have been excellent outcomes in any year, but against a background of pandemic-driven disruption and turmoil, it was an exceptional performance.

We enter 2021 with a record order book giving us strong visibility, and we remain well positioned in key growth areas to support customers’ evolving priorities. We continue to increase our technology investment, expanding the areas in which we can provide effective customer solutions. Our ONE Ultra transformation programme is having a positive impact on both growth opportunities and operational efficiency, and with strong 2020 delivery, we are confident enough to accelerate several of our transformation actions in 2021. This should see us begin to realise year-on-year benefits in 2022, a year ahead of plan.

This excellent performance gives us further confidence in Ultra’s exciting potential and our ability to deliver exceptional value for all stakeholders over the longer term“.

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