LONDON (dpa-AFX) - Aerospace & Defense company Ultra Electronics Holdings plc (ULE.L) on Thursday said its half-year trading performance is in line with management expectations. As said earlier, the Board remains confident of making further progress in 2017. The company also said its expectations for the full year remain unchanged.
In its scheduled pre-close trading statement, ahead of its interim results for 2017, the company noted that 2017 will be more heavily weighted to the second half than normal.
The company said market conditions remain as announced earlier. The US 2017 budget was approved in early May and prior to this the US Government had been operating under a Continuing Resolution or CR. The delay in approving the budget has meant that US orders have been deferred to the end of the first half and second half of this year, resulting in the second half bias. Despite the CR there has been positive momentum in the order intake, with the book-to-bill ratio reaching a pleasing 1.1 times as at the end of May 2017.
Ultra's interim results announcement for the six months ending 30 June 2017 will be on August 7.
Copyright RTT News/dpa-AFX