Ultra Electronics moves up following US contract win

The share price of FTSE 250 defence equipment manufacturer Ultra Electronics (LON:ULE) has risen by 1.43% to 2,172.56p (as of 14:15 BST) after one of its joint ventures won a contract valued at $1.04 billion. The deal is with the US Navy for an indefinite quantity of sonobuoys over the next five years.

CEO Simon Price commented: “I am very pleased that we have secured this important contract for Ultra and that we will continue to provide critical sensor capabilities to the US Navy for many years ahead. This contract is a reflection of the increased focus on anti-submarine warfare by the US Navy and ERAPSCO’s strength and expertise in this area“.