Major Indian Navy ASW contract
More positive news from Ultra Electronics, as it has announced it has been awarded a contract from the Indian MOD to supply the Indian Navy defence systems. It is a three-year contract, with an initial engineering phase likely to generate lower revenues and margins followed by production deliveries weighted to the second half of its term. It will not make a meaningful revenue contribution in 2017 but should build from 2018 to 2020. H117 results are due on 7 August, which should provide an update on the recently announced offer for Sparton Corporation. The related share placing temporarily dilutes EPS.
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- Major Indian Navy ASW contract25 Jul 2017