SFO opens criminal investigation into Ultra Electronics' Algeria business

The UK’s Serious Fraud Office has opened a criminal investigation into suspected corruption in the conduct of Ultra Electronics’ business in Algeria.

The FTSE 250 defence company said on Thursday that this follows a voluntary self-report to the SFO, with which it continues to cooperate.

"Given the stage of these matters, it is not possible to estimate reliably what effect the outcome of this matter may have on the group," Utra said, adding that it will provide a further update as and when appropriate.

The SFO confirmed that it has opened a criminal investigation, saying "no further information can be provided at this time as the investigation is live".