StockMarketWire.com - Defence contractor Ultra Electronics more than doubled its annual profit after it won new contracts, particularly in North America.

Pre-tax profit jumped to £91.0m, up from £42.6m on-year, as revenue climbed 7.7% to £825.4m.

Ultra Electronics declared a full-year dividend of 54.2p per share, up 5% on-year.

The company's order book grew 11% organically, building on 5.2% growth seen 2018, which it said reflected continued strong markets, particularly in North America.

'2019 was a busy year for Ultra, and one in which we made great progress,' chief executive Simon Pryce said.

'We enter 2020 with an enhanced, engaged and motivated team and a strong order book,' he added.

'In addition to focussing on improved delivery, we will be accelerating investment in internal R&D and underlying IT infrastructure as well as process standardisation and excellence.'

'We remain excited about the significant opportunity within Ultra to accelerate growth, improve delivery and generate exceptional value for all our stakeholders over time.'

'We are increasingly confident in our ability to deliver it.'




Story provided by StockMarketWire.com