Ultra Electronics: Sustainable Operating Momentum
Edison | Jan 11, 2018 07:09AM ET
Ultra Electronics Holdings Plc (LON:ULE) has issued a reassuring post-close trading statement. The company has delivered continued order growth and demonstrated strong cash conversion. The search for a new CEO continues. While the company has identified future areas for investment to deliver long-term growth, Ultra will deliver modest progress in FY18 as it continues to leverage its strong market positions. The statement should help allay investor concerns over profitability that has been weighing on the shares.
FY17 revenue is expected to be over £770m with operating profit just over £120m, both slightly ahead of our current estimate. Expected cash conversion of over 90% is comfortably higher than the c 80% indicated in the November statement.
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