- Defence and aerospace focused Ultra Electronics Holdings posted a 30% fall in annual profit, partly owing to cost overruns on development contracts at its US defence contractor business and 'sub-optimal' commercial processes.

Pre-tax profit for the year through December slipped to £42.6m, as sales edged back 1.1% to £766.7m.

Underlying pre-tax profit fell 7.8% to £101.4m.

Ultra Electronics declared a final dividend of 37.0p per share, up 5.7% on-year.

'After a good second half and having addressed a number of legacy issues, we delivered an encouraging set of results in 2018,' chief executive Simon Pryce said.

'While there is much work to be done in the next phase of Ultra's development, we now have a solid platform from which to grow and deliver against our goal of creating long-term, sustainable value for all our stakeholders.'

'Significant additional potential exists in Ultra through focusing the group on where we add value, improving core processes and better leveraging the combined group's strengths and capabilities.'

'We anticipate that 2019 will be a year of good underlying progress and we look forward to an exciting future of growth with confidence.'

Story provided by