Ultra Electronics remains confident despite US funding delays

Ultra Electronics said the expected improvement in trading from the new US government continued to be delayed as Federal budgets were negotiated.

This has meant for the period 1 January 2017 to 27 April 2017, trading and trading and cash performance has been "as expected at this stage of the year", the company said ahead of its annual shareholder meeting.

Ultra said last month that there were "strong indications" of an increase in the US defence budget in excess of current budgetary controls, but due to the six-month Continuing Resolution to US Federal funding the company said results for 2017 "will be more weighted to the second half than normal".