January 11, 2018 / 7:27 AM / a month ago

Ultra Electronics sees 'significant exposure' to U.S. defense spending

(Reuters) - British defense contractor Ultra Electronics, which has warned of lower defense orders in the country, said on Thursday it had significant exposure to a rising U.S. defense budget, and had seen growing demand for advanced technologies.

The company, which makes military electronics for land, air and sea forces, also said it expects to make modest progress in 2018 underlying revenue and operating profit on a constant currency basis.

Ultra Electronics said it had begun the new year with an order cover on expected revenue of about 62 percent, higher than about 56 percent in 2017.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr

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