Ultra Electronics shares tumble after defence contractor sounds profit warning
About £240 million was wiped from the FTSE 250 company, whose services include naval surveillance and fire control systems.
It expects to post annual underlying operating profit of £120 million compared with market forecasts of £132 million.
Ultra said: “The majority of the group’s markets have been satisfactory; however, the UK market has been difficult and has become increasingly so in the second half.
"There is mounting pressure in the funding of UK defence programmes and this has resulted in the Ministry of Defence pausing, cancelling or delaying programmes.
"Within the last... read more
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