November 13, 2017 / 7:57 AM / a month ago

Ultra Electronics forecasts weak second-half, CEO steps down

Nov 13 (Reuters) - British defence contractor Ultra Electronics Holdings on Monday forecast a weaker second-half and said its chief executive, Rakesh Sharma, has stepped down.

“The UK market has been difficult and has become increasingly so in the second half,” the company said, citing delays and pauses in the UK’s defence programmes.

The company forecast full-year total revenue to be around 770 million pounds ($1.01 billion), below the 785 million pounds it reported last year.

Former chief executive and current chairman Douglas Caster will assume the role of executive chairman until a replacement for Sharma is found, the company said in a statement.

$1 = 0.7634 pounds Reporting by Hanna Paul in Bengaluru; Editing by Sunil Nair

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