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


Preliminary results for the year ended 31 december 2004

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




Preliminary results for the year ended 31 december 2004

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


Preliminary results for the year ended 31 december 2004

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


Preliminary results for the year ended 31 december 2004

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


Preliminary results for the year ended 31 december 2004

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


Preliminary results for the year ended 31 december 2004

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


Preliminary results for the year ended 31 december 2004

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+


Preliminary results for the year ended 31 december 2004

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


Preliminary results for the year ended 31 december 2004

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


Preliminary results for the year ended 31 december 2004

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+


Preliminary results for the year ended 31 december 2004

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