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Ultra Electronics news bombs defence sector

Shares in defence groups fell after Ultra Electronics warned that the UK market was becoming increasingly difficult. But there are company specific issues at play here too.

Garry White

in Features


The last two trading days have been awful for investors in defence group Ultra Electronics, with the shares slumping by around a third.

On Friday, the shares slipped around 10% after management announced a delay in its $234m purchase of US rival Sparton. It is believed that this is due to US Department of Justice officials being swamped with work, rather than anything more sinister. But investors had been waiting for a much-promised improvement in the second half, so this news was not well received.

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