Aug 4 Ultra Electronics Holdings Plc
posted an 8.8 percent decline in first-half underlying pretax
profit as the impact of U.S. defence spending cuts continued to
hurt the British military engineer.
The maker of gunshot detection equipment and sonars for
submarines said the end of the first half saw increased orders
as stability in the United States and UK defence markets
Underlying pretax profit for the six months ended June 30
declined to 50.5 million pounds ($85 million) from 55.4 million
pounds a year earlier.
Ultra Electronics separately said that it had won a 166
million pound contract for the manufacture of sonobuoys for the
U.S. Navy with its joint venture Sparton Corp.
($1 = 0.5942 British Pounds)
(Reporting by Aashika Jain in Bangalore; Editing by Gopakumar