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Preliminary Results for the year ended 31 December 2003

Preliminary Results for the year ended 31 December 2003. 23 February 2004. 2003 Overview. Sales. £260.4m. £284.4m. £239.5m. Another strong performance, continuing the track record of growth: sales up 9.2% PBT* up 14.9% EPS* up 14.9% dividend up 9.8% Cash conversion excellent at 131%

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Preliminary Results for the year ended 31 December 2003

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  1. Preliminary Resultsfor the year ended 31 December 2003 23 February 2004

  2. 2003 Overview Sales £260.4m £284.4m £239.5m • Another strong performance, continuing thetrack record of growth: • sales up 9.2% • PBT* up 14.9% • EPS* up 14.9% • dividend up 9.8% • Cash conversion excellent at 131% • Airborne anti-submarine warfare activity lower • Broad coverage of platforms and internationalsuccesses • Good progress on development programmes • Record order book of £375m • Acquisition of SML, Radamec and Ocean Systems 01 02 03 PBT* £34.4m £27.1m £29.9m 01 02 03 EPS* 38.2p 30.5p 33.2p 01 02 03 *before amortisation of goodwill

  3. Profit & Loss

  4. The Development of Ultra Other civil10% Other civil13% Sonar31% Sonar24% Civil aircraftequipment9% Civil aircraftequipment8% Otherdefence17% Otherdefence16% Military aircraft equipment 9% Military aircraft equipment 11% Battlespace IT28% Battlespace IT24% 2002 Sales £260.4m 2003 Sales £284.4m

  5. Operating Cash Flow

  6. Working Capital Movements

  7. Operating Cash Flow

  8. Net Cash Flow

  9. USA defence continuing growth with emphasis on electronics UK defence growth focused on battlespace IT Homeland security increased priority worldwide coastal and border surveillance systems Transportation aircraft build rates flat for ’04 and ’05 rail and airport infrastructure investment continuing The Market Environment

  10. Sales £79.9m (+4.5%) Profit* £13.9m (+11.3%) RoS* 17.4% HiPPAG deliveries up covering US, Eurofighter and spares award of HiPPAG Joint Strike Fighter development contract successful trial of US C130 noise cancellation system armoured vehicle activity increasing some recovery of civil aerospace repair activity Aircraft & Vehicle SystemsOPERATIONAL REVIEW *before amortisation of goodwill

  11. Feasibility Development Production Support Aircraft & Vehicle SystemsPROGRAMME STATUS F-35 Joint Strike Fighter F/A-18 E/F Tornado updates Eurofighter Small Diameter Bomb X-45 UCAV A400M C130 noise cancellation Airbus – existing range Alvis Vickers ETS Terrier Future Rapid Effects System 2003 2004 2005 2006 2007 2008

  12. HiPPAG for JSF 2007 $100m+ HiPPAG for Small Diameter Bomb 2005 $20m+ C130 noise cancellation 2005 $20m FRES 2007 £10m+ Tornado upgrade for Saudi 2004 £7m Eurofighter tranche 2 2005/6 £40m Aircraft & Vehicle SystemsULTRA OPPORTUNITIES

  13. Sales £95.5m (+15.2%) Profit* £11.0m (=) RoS* 11.5% acquisition of SML and Radamec restructuring costs of £0.6m above the line strong performance by Airport Systems delivery of Bowman related equipment first deliveries made to Network Rail with more to come in’04 and ’05 Information & Power Systems OPERATIONAL REVIEW *before amortisation of goodwill

  14. Feasibility Development Production Support Information & Power SystemsPROGRAMME STATUS ADSI activity T45 degaussing Astute CV(F) Virginia T-AKE cargo ship degaussing Deepwater cutter – US coastguard Singapore Delta frigate Rolls-Royce reactor control LHR Terminal 5 LHR UltraTrak baggage Network Rail power London Underground power 2003 2004 2005 2006 2007 2008

  15. Rolls-Royce reactor control 2004 £20m Network Rail power equipment 2004/5 £20m+ 2nd batch Astute submarine 2006 £10m+ UK aircraft carrier equipment CV(F) 2006 £15m+ Coastal defence system 2005 £5m+ US coastguard ships’ degaussing 2004 $8m Information & Power SystemsULTRA OPPORTUNITIES

  16. Sales £109.0m (+7.8%) Profit* £12.7m (+27.1%) RoS* 11.6% SSTD programme on track - successful trials completed ASW sales down to sustainable level Nimrod MRA4 deliveries continued TCS integrated and performed ahead of budget next tranches of radio orders received from US and Korea acquisition of Ocean Systems completed Tactical & Sonar SystemsOPERATIONAL REVIEW *before amortisation of goodwill

  17. Feasibility Development Production Support Tactical & Sonar SystemsPROGRAMME STATUS Nimrod MRA4 MR2 RAP MSA for Nimrod NH90 ASW equipment MH60 – system upgrade Canadian MHP ASW equipment MMA SSTD UK mine destructor programme T45 bow sonar CV(F) equipment Army radios – US and Korea KG40AR cryptographic equipment Watchkeeper UAV datalinks 2003 2004 2005 2006 2007 2008

  18. Multi-Static Active ASW system 2006 £20m US Patriot radios 2004 $12m UK naval mine destruction system 2005 £30m Watchkeeper equipment 2004 £7m+ SSTD exports 2005 £10m MMA ASW equipment 2005 £10m+ TIEC comms for Tornado & Harrier 2005 £30m Tactical & Sonar SystemsULTRA OPPORTUNITIES

  19. Strong order book Major bidding opportunities Programmes running on schedule Headroom for acquisitions Well placed for 2004 despite exchange rate impact Ultra’s growth to continue Ultra Group Prospects

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