Preliminary results for the year ended 31 december 2004
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Preliminary Results for the year ended 31 December 2004. 21 February 2005. 2004 Overview. Sales. Another strong performance: sales up 12.4% PBT* up 15.5% EPS* up 15.4% dividend up 12.2% High quality of earnings – cash conversion 111% Margins improved despite currency impact

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Preliminary results for the year ended 31 december 2004

Preliminary Resultsfor the year ended 31 December 2004

21 February 2005


2004 Overview

Sales

  • Another strong performance:

    • sales up 12.4%

    • PBT* up 15.5%

    • EPS* up 15.4%

    • dividend up 12.2%

  • High quality of earnings – cash conversion 111%

  • Margins improved despite currency impact

  • All divisions contributed to sales and profit growth

  • Investment in growth market sectors

  • Record order book of £395m

£284.4m

£319.7m

£260.4m

2002

2003

2004

PBT*

£39.7m

£29.9m

£34.4m

2002

2004

2003

EPS*

44.1p

33.2p

38.2p

2002

2003

2004

*before amortisation of goodwill



Sales by market sector
Sales by Market Sector

Other civil equipment13%

Othercivil equipment15%

Sonar24%

Sonar24%

Civil aircraftequipment8%

Civil aircraftequipment8%

Other defenceequipment17%

Other defenceequipment13%

Battlespace IT27%

Battlespace IT29%

Military aircraftequipment11%

Military aircraftequipment11%

2003 Sales

£284.4m

2004 Sales

£319.7m


Operating profit progression
Operating Profit Progression

2004 OP* £42.5m

Acquisitions + £1.8m

Improved margins + £3.2m

2003 OP* £37.5m

Currency translation - £1.0m

Sales Growth + £3.3m

Currency transaction - £2.3m

I N N O V A T I O N T H R O U G H E X P E R I E N C E

*before goodwill amortisation




The Market Environment

  • Defence

    • strains on existing budgets

    • major programmes continue

    • focus on electronics and battlespace IT

  • Homeland security

    • increased priority worldwide

    • coastal and border surveillance systems

  • Transportation

    • rail network investment at reduced level

    • airport investment continuing

    • aircraft build rates increasing


Aircraft & Vehicle SystemsOPERATIONAL REVIEW

Sales £81.9m (+2.6%) Profit* £14.7m (+5.7%) Order Book £72.3m (-2.6%)

  • HiPPAG deliveries for F/A-18 E/F at record levels

  • Eurofighter equipment deliveries aligned to aircraft programme

  • Armoured vehicle electronics activity increasing

  • Airbus 10 year deal extended

  • Significant win on Boeing 787

*before amortisation of goodwill


Aircraft vehicle systems programme status

Feasibility

Development

Production

Support

Aircraft & Vehicle SystemsPROGRAMME STATUS

F-35 Joint Strike Fighter

F/A-18 E/F

F/A-18 A/D

Tornado updates

Eurofighter

Small Diameter Bomb

X-45 UCAV

Boeing 787 “Dreamliner”

Airbus – existing range

Engineer Tank System

Terrier

Future Rapid Effects System

Future Combat System

2004 2005 2006 2007 2008 2009

I N N O V A T I O N T H R O U G H E X P E R I E N C E


Aircraft & Vehicle SystemsULTRA OPPORTUNITIES

Eurofighter tranche 2 2005/6 £40m

HiPPAG for Joint Strike Fighter 2007 $100m+

HiPPAG for Small Diameter Bomb 2005/6 $20m+

FRES armoured vehicle electronics 2009 £10m+

Warrior turret upgrade 2006 £10m

Boeing 787 production orders 2007 $10m pa


Information & Power Systems OPERATIONAL REVIEW

Sales £115.6m (+21.1%) Profit* £14.8m (+34.6%) Order Book £122.1m (+3.6%)

  • Another strong performance at Airport Systems

  • Acquisition of Videcom

  • Battlespace IT growth

    • ADSI upgrades

    • Bowman equipment deliveries

  • Rolls-Royce reactor control contract secured

  • Key homeland security wins

  • Strong international sales of Magicard printers

*before amortisation of goodwill


Feasibility

Development

Production

Support

Information & Power Systems PROGRAMME STATUS

ADSI development

Type 45 degaussing

Astute power equipment

New UK aircraft carriers

Virginia submarine

Littoral Combat Ship degaussing

Singapore Delta frigates

Rolls-Royce reactor control

LHR Terminal 5 system integration

UltraTrak LHR, Aus & NZ

Network Rail power

London Underground power

2004 2005 2006 2007 2008 2009

I N N O V A T I O N T H R O U G H E X P E R I E N C E


Information & Power SystemsULTRA OPPORTUNITIES

Astute batch 2 2006/7 £10m

New UK aircraft carrier 2007 £15m

Anti-FIAC 2005 £20m

Minor warship combat system 2006/7 £10m

ADSI – development for JSS and CLIP 2005/6 $40m

Export coastal defence system 2006 £5m+


Tactical & Sonar SystemsOPERATIONAL REVIEW

Sales £122.1m (+12.0%) Profit* £13.0m (+2.7%) Order Book £201.0m (+9.9%)

  • Acquisition of DNE

  • SSTD accepted into service by Royal Navy

    • selected for US Littoral Combat Ship

    • US technology demonstrator contract secured

  • Ten year UK sonobuoy partnering deal signed

  • Further battlespace IT successes

    • tactical radio upgrade contracts awarded

    • cryptographic equipment order received from DoD

    • submarine communication demonstrator programme won

*before amortisation of goodwill


Feasibility

Development

Production

Support

Tactical & Sonar SystemsPROGRAMME STATUS

Nimrod acoustic system

NH90 ASW equipment

MH60 – system upgrade

Canadian MHP ASW equipment

MMA

SSTD – UK

SSTD – export

US Navy torpedo defence system

UK mine destructor programme

Type 45 bow sonar

Army radios – US and Korea

KG40AR cryptographic equipment

Watchkeeper UAV datalinks

RTOF submarine communications

2004 2005 2006 2007 2008 2009

I N N O V A T I O N T H R O U G H E X P E R I E N C E


Tactical & Sonar SystemsULTRA OPPORTUNITIES

Watchkeeper equipment 2005 £10m

Multi-static active ASW system 2006 £20m

Boeing MMA sonobuoy receivers 2005 $20m+

Merlin helicopter upgrade 2006 £15m

UK mine destructor system 2005 £20m

US and export torpedo defence system 2005/6 £10m+

High capacity tactical radios – export 2005/6 £10m+


Ultra Group Prospects

  • Good order cover for 2005 against projected sales

  • Increasing investment in civil aerospace

  • Headroom for further acquisitions

  • Growth to continue in 2005 despite dollar impact

  • Seamless management succession


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