Full year will be in line with expectations says Ultra

DEFENCE supplier Ultra has said its full year expectations remain in line with forecasts.

The company, which has operations in Birmingham and Staffordshire, said conditions in its markets had remained as noted in March and August at the group’s preliminary and interim results announcements respectively.

“The market has seen continuing uncertainty during 2015, in part over the timing and scale of the US DoD budget that is only now reportedly approaching resolution,” it said in a trading update.

“Ultra continues to respond to market conditions through robust cost control, efficient programme delivery and careful restructuring of the portfolio.

“The group has also sustained its efforts to penetrate new markets, develop sound international partnerships, identify strategic acquisitions, invest in leading edge technology and secure further long-term contracts.”

It said the group’s recent major acquisition, Ultra Electronics Herley, was also performing in line with expectations.

The company said it had also entered into a consultation period with affected employees on a proposal to close the Defined Benefit pension scheme for future accrual from April next year.

Mary Waldner has also informed the Ultra board of her intention to leave the group. She has been approached to take a Finance Director position with a privately owned company outside the defence and aerospace sector and, after careful consideration, has agreed to accept the new role.

She will leave after the 2015 preliminary results announcement and a search has begun to find a successor.

New auditor for National Grid

WARWICKSHIRE-based National Grid has announces its intention to appoint Deloitte as its auditor for the year ending March 31, 2018.

The move follows a competitive tender process for its statutory audit contract, overseen by its Audit Committee, resulting in a recommendation now approved by the National Grid board.

PwC, National Grid’s current auditor, will undertake the firm’s audit until the year ending March 31, 2017, subject to reappointment by shareholders at the July 2016 Annual General Meeting.  

The appointment of Deloitte will be recommended to National Grid’s shareholders for approval at the July 2017 AGM.

Mark Williamson, chairman of National Grid’s Audit Committee, said: “We are pleased to have conducted a robust and comprehensive audit tender process which included meetings with members of the board and senior finance managers, references, written submissions and formal presentations to the Audit Committee.

“The principal evaluation criteria were audit quality, team experience and cultural fit. We thank PwC for their significant contribution to date as National Grid’s auditors since the merger with Lattice Group in 2002 and prior to that as the incumbent external auditors of both the merging parties. We look forward to working with Deloitte in the future.”

Dechra NED secures additional appointment

PHARMACUTICALS group Dechra has announced that Dr Christopher Richards, a Non-Executive Director with the business has secured a similar position with another company.

Dechra, which has a large operation near Shrewsbury, said Richards was to be appointed as a NED of Nanoco Group with immediate effect.