Ultra Electronics lifted after Q1 update

FTSE 250 defence manufacturer Ultra Electronics (LON:ULE) saw its share price rise by 3.91% to 2,022p (as of 10:45 GMT) after announcing that trading during the first quarter of 2020 was in line with forecasts. Management said that demand in the firm’s key markets remained strong and supply chains remained stable. However, they added that the situation was continuing to develop rapidly and they have detailed a plan should COVID-19 begin to impact the profit outlook.

The company said that it was too early to judge the full impact on 2020 results, but the order book and customer demand remained strong despite some weakness in consumer aerospace.