Source - SMW
Ultra Electronics said its expectations for the full year remain unchanged.

In a pre-close trading statement ahead of its interim results, Ultra said its half-year trading performance was in line with management expectations. 

"As previously indicated, 2017 will be more heavily weighted to the second half than normal," the company said. 

"As stated in the 6 March 2017 results announcement and based on the same £/$ assumption, the board remains confident of making further progress in 2017; our expectations for the full year remain unchanged," it said.  

"Full year cash conversion remains in-line with previous guidance."

Ultra said market conditions remained as noted on 6 March 2017. 

"The US 2017 budget was approved in early May and prior to this the US Government had been operating under a Continuing Resolution (CR).

"The delay in approving the budget has meant that US orders have been deferred to the end of the first half and second half of this year, resulting in the second half bias mentioned above. 

"Despite the CR there has been positive momentum in the order intake, with the book-to-bill ratio reaching a pleasing 1.1 times as at the end of May 2017."