LONDON (dpa-AFX) - Ultra Electronics Holdings plc (ULE.L), a defence, security, transport and energy group, Thursday said it expects fiscal 2017 revenue to be over 770 million pounds and underlying operating profit just over 120 million pounds.
In November, the company said it expects full-year revenue to be around 770 million pounds and underlying operating profit to be approximately 120 million pounds.
In its post-close trading statement in respect of the year 2017, the company stated that group trading remains in line with previous announcement.
Order intake has continued to be strong at around 900 million pounds.
Further, the Board remains minded to recommend a final dividend of 35p per share and will finalise this when the Group announces its full year results.
Looking ahead, for fiscal 2018, the company said it expects modest progress in underlying revenue and operating profit at constant currencies.
Trading performance for each half of 2018 is expected to be approximately 48%:52%.
The company said it enters the new year with an order cover on expected 2018 revenues of around 62%, compared with approximately 56% in 2017.
Ultra Electronics said it will adopt IFRS 15 with effect from 1 January 2018 and will provide pro-forma 2017 results under IFRS 15 in March.
Further, the search for a new Chief Executive is underway and the Group will update the market when appropriate. In November, Rakesh Sharma had stepped down as Chief Executive and from the Board with immediate effect.
Douglas Caster, Executive Chairman said, 'The Board is confident that Ultra has sustainable operating trading momentum with a significant number of recent long-term contract wins.'
Ultra's results announcement for the year 2017 is scheduled for March 5.
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