British aerospace engineers Ultra Electronics under siege from private equity plunderers
Ultra Electronics revealed it was in rude health after a bumper first half as private equity group Advent International continues to circle the firm.
The defence engineering company said sales and orders for its niche technologies – which include cyber security systems and parts for Eurofighter Typhoon jets – had boomed.
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Over the whole year it expects orders to be above 2020 levels.
Ultra Electronics said sales and orders for its niche technologies – which include cyber security systems and parts for Eurofighter Typhoon jets (pictured) – had boomed
Ultra’s impromptu trading update came as Advent, through Cobham, the former UK defence stalwart it already owns, has said it is eyeing the company up and could make a takeover offer.
It must table a bid or walk away by July 23 under City rules. Russ Mould, investment director at AJ Bell, said the buoyant update could actually spur on a bidder.
Advent’s takeover talk underlines the vulnerability of British aerospace firms, which the industry fears will be easy prey after Covid ravaged the leisure air travel market.
Fellow FTSE250 group Senior batted away an £840million takeover from private equity group Lone Star last month.
But even before the pandemic, aerospace groups were targets. Cobham fell to Advent in a £4billion deal last year