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Results for the year ending 31 December 2006

Results for the year ending 31 December 2006. Dr Julian Blogh, Chairman Douglas Caster, Chief Executive David Jeffcoat , Finance Director. 2004. 2004. 2004. 2005. 2005. 2005. 2006. 2006. 2006. Ultra Electronics Preliminary Results 2006. 2006 Overview. Sales £m. 377.0.

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Results for the year ending 31 December 2006

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  1. Results for the year ending31 December 2006 Dr Julian Blogh, Chairman Douglas Caster, Chief Executive David Jeffcoat, Finance Director

  2. 2004 2004 2004 2005 2005 2005 2006 2006 2006 Ultra Electronics Preliminary Results 2006 2006 Overview Sales £m 377.0 • Another strong year: • revenue up 10% • PBT* up 16% • EPS* up 15% • DPS up 16% • Margins continued to improve • Continuing investment to underpin medium-term growth • 98% cash conversion and strong balance sheet • Order book increased by 17% to £584m, maintaining good visibility 342.4 310.7 PBT* £m 54.9 47.4 40.1 EPS* pence 58.4 50.7 43.7 * before amortisation of intangibles arising on acquisition and profit/loss on financial instruments

  3. Financial Review

  4. Profit & Loss * before amortisation of intangibles arising on acquisition ** before amortisation of intangibles arising on acquisition and profit/loss on financial instruments

  5. Ultra Electronics Preliminary Results 2006 2006 Sales Analysis Sales by Destination Sales by Sector N America43%(2005: 42%) Civil equipment 15%(2005: 14%) Sonar24%(2005: 26%) Civil aircraftequipment 9%(2005: 9%) Europe 9%(2005: 11%) RoW8%(2005: 8%) Defenceequipment 13%(2005: 13%) Battlespace IT 29%(2005: 28%) Military aircraftequipment10%(2005: 10%) UK 40%(2005: 39%) Sales £377m

  6. Ultra Electronics Preliminary Results 2006 Operating Profit Progression 2006 OP*£57.5m Acquisitions +£1.3m Improved margins+£5.1m 2005 OP* £51.1m Sales Growth +£4.8m Currency transaction -£4.3m Currency translation -£0.5m * before amortisation of intangibles arising on acquisition

  7. Ultra Electronics Preliminary Results 2006 Currency Effects US$44m @1.18 US$72m @1.78 Profit impact Transaction Translation US$ into C$ N/A -11% -£3.1m US$ into £ -3% -£1.2m -3% -£0.7m C$ into £ 3% +£0.2m N/A Total profit impact -£4.8m (-9%) Revenue translation impact -£4.0m (-1%)

  8. Ultra Electronics Preliminary Results 2006 Cash Flow * before amortisation of intangibles arising on acquisition

  9. Operational Review

  10. Market trends Civil aircraft build rates increasing – large backlogs Civil aerospace aftermarket buoyant Important military aircraft programmes continuing Continuing focus on mobility, smart munitions and capability upgrades Financial results Revenue £93.9m +11% Profit £13.2m -17% Operating margin 14.1% -4.7% Order book £176.9m +32% Good revenue growth Investing in Boeing and Airbus programmes Order book growth driven by Eurofighter HiPPAG order AIRCRAFT & VEHICLE SYSTEMS Aircraft & Vehicle SystemsOVERVIEW 25% of Group sales 23% of Group OP Business highlights • Five systems in development for A400M • Good progress on Boeing 787 programmes • Initial deliveries for UK Mastiff armoured vehicle • F-35 JSF involvement extended to include lift fan ice protection

  11. Powerful Ultra team for ice protection Led by Controls system design and integration Electrics for key elements specialist harness innovative probe Datel for high integrity software Ultra’s HiPPAG compressor for weapons ejection in addition to ice protection AIRCRAFT & VEHICLE SYSTEMS F-35 Joint Strike Fighter • Technology de-risked on Boeing 787 • Rapid development programme • Potential for scope increase • originally engine intake protection • may include lift fan • Total value per aircraft $180k

  12. Programme Estimated date EstimatedUltra value Products • Engine inlet ice protection • Lift fan ice protection • HiPPAG for weapons ejection Joint Strike Fighter 2007 $100m+ Boeing 787 production orders 2007 $10m pa+ • WIPS • Proximity sensor electronics HiPPAG for Small Diameter Bomb 2007 $20m+ • HiPPAG for weapons ejection Armoured vehicle electronic upgrades 2007 £10m+ • Battery health monitoring • HUMS data management Warrior turret upgrade 2007/10 £10m • Crew controls • Power distribution FRES armoured vehicle electronics 2009 £25m+ • Indirect vision system • Power controls • HUMS capability AIRCRAFT & VEHICLE SYSTEMS Aircraft & Vehicle SystemsSELECTED OPPORTUNITIES

  13. Market trends Battlespace IT demand is strong situational awareness is key ‘system of systems’ solutions required Continuing investment in airport IT systems international demand increasing Financial results Revenue £120.5m +3% Profit £19.3m +7% Operating margin 16.0% +0.6% Order book £110.2m -14% Reduced demand for transit power equipment Strong demand for ADSI systems and software Increased sales of airport IT systems INFORMATION & POWER SYSTEMS Information & Power SystemsOVERVIEW 32% of Group sales 34% of Group OP Business highlights • ADSI systems for local airspace management • Accelerating progress on naval nuclear power • Land mine counter measures contract for British Army • Selection for common-use airline check in systems

  14. Ultra Electronics Preliminary Results 2006INFORMATION & POWER SYSTEMS Ultra’s Equipment on Astute Submarine Degaussing equipment Emergency propulsionpower supplies Combat system electronicsand consoles 400Hz powerdistribution Weapon launch electronics Specialist power supplies

  15. Programme Estimated date EstimatedUltra value Products JSS and CLIP additional funding 2007 $40m • ADSI systems • ADSI function enhancements Minor warship combat system 2007 £10m • Command & control system • Navigation system • Weapons direction control Civil nuclear equipment upgrades 2007/8 £5m+ • Surveys of existing systems • Outline designs FRES development – next phase 2007/8 £15m • Electronic architecture Astute batch 2 2007/8 £20m • Power equipment • Signature management • Reactor control equipment UK aircraft carrier equipment 2008 £15m+ • Signature management systems • Power equipment Ultra Electronics Preliminary Results 2006INFORMATION & POWER SYSTEMS Information & Power SystemsSELECTED OPPORTUNITIES

  16. Market trends Increasing demand for systems providing quicker precision attack International demand for high capacity communications equipment Increased focus on improving ASW Financial results Revenue £162.6m +16% Profit £25.0m +46% Operating margin 15.4% +3.2% Order book £296.5m +24% High sales of battlespace IT systems Completion of RN torpedo defence production Order book boosted by Litening pod contract Ultra Electronics Preliminary Results 2006TACTICAL & SONAR SYSTEMS Tactical & Sonar SystemsOVERVIEW 43% of Group sales 43% of Group OP Business highlights • In production for UK mine disposal system • Selected for loitering munition demonstration • High capacity radio contracts from US, Canada and South Korea • Initial production of Tornado, Typhoon Litening pods

  17. Ultra Electronics Preliminary Results 2006TACTICAL & SONAR SYSTEMS Litening Pod Power of teaming • Access to world-class technology from Rafael • Improves UK technology base • Ensures UK sovereign operational independence Enhanced operational capability • Target acquisition • daylight camera • thermal imaging • Target tracking • Target designation • high power laser • Transmits target image • Records mission Contracts awarded • 20 pods for Eurofighter Typhoon, value £56m, including support • 7 pods for Tornado UOR, value £10m

  18. Programme Estimated date EstimatedUltra value Products Loitering munition for British Army- system definition 2007 £10m+ • UAVs with warheads • Control stations Future ASW system 2007 £10m • New ASW sensors Secure comms upgrade for UK Tornado aircraft 2007 £10m+ • Communications control system • Cryptographic protection High capacity tactical radios – export 2007 $20m+ • High capacity tactical radio systems US KG40 crypto production 2007/8 $20m+ • High grade cryptographic equipment US and export torpedo defence systems 2007/8 £10m+ • Torpedo detection • Countermeasure system Ultra Electronics Preliminary Results 2006TACTICAL & SONAR SYSTEMS Tactical & Sonar SystemsSELECTED OPPORTUNITIES

  19. Summary & Outlook

  20. Summary and Outlook • Defence budgets continue to grow, with focus on achieving information superiority • Buoyant civil aerospace and airport IT markets • Broad spread of niches and programmes gives resilient financial performance • High quality of earnings • Strong balance sheet, capable of funding further acquisitions • Record £584m order book gives good visibility • Growth to continue in 2007

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