Ultra Electronics sees lower profits but investors buy in

0 mins. to read
Ultra Electronics sees lower profits but investors buy in
Master Investor Magazine

Never miss an issue of Master Investor Magazine – sign-up now for free!

Read the latest Master Investor Magazine

The share price of FTSE 250 defence contractor Ultra Electronics (LON:ULE) shot 11.45% higher to 1,431p (as of 12:00 GMT) despite a 29.7% drop off in pre-tax profits for the year ended 31st December. Profits were still in line with expectations, but there were some brighter spots in the results as the company returned to organic revenue growth.

Chief executive officer Simon Pryce commented: “After a good second half and having addressed a number of legacy issues, we delivered an encouraging set of results in 2018. While there is much work to be done in the next phase of Ultra’s development, we now have a solid platform from which to grow and deliver against our goal of creating long term, sustainable value for all our stakeholders.

Significant additional potential exists in Ultra through focusing the Group on where we add value, improving core processes and better leveraging the combined Group’s strengths and capabilities. We anticipate that 2019 will be a year of good underlying progress and we look forward to an exciting future of growth with confidence“.

Take part in our poll

Of the stocks covered by Master Investor in the weekly Small Cap Round Up, which ones do you hold?

The Master Investor Show 2020 tickets are now available. Join us at the Business Design Centre on Saturday 28 March 2020.

Book your FREE tickets today using code: MIBLOG

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *


Get real investment insights from some of the best minds in the business - with our free Master Investor Magazine.