RNS Number:1541K
Ultra Electronics Holdings PLC
17 April 2003




For immediate release                                        17 April 2003



                        Ultra Electronics Holdings plc
                           ("Ultra" or "the Group")


                                  AGM Statement



Ultra Electronics Holdings plc held its Annual General Meeting in Greenford
today.  At the meeting, Peter Macfarlane, Chairman of Ultra, made the following
statement:



"As announced at the preliminary results on 24 February, Ultra enjoyed an
excellent year in 2002 with record sales and profit reflecting the Group's focus
on niche markets in the expanding defence electronics sector. Confirming the
quality of earnings, the conversion of operating profit to operating cashflow
was 116%.  Despite acquiring Tactical Communication Systems in the year for a
cash consideration of #21.5m, net debt fell by #1.3m to close the year at
#39.3m.



"Ultra is a world-leading aerospace and defence electronics company providing
specialist products to customers across the globe.  Ultra's status is
demonstrated by the Group's involvement in so many of the major defence
programmes in the UK, USA and around the world.  Pleasingly, Ultra is
increasingly winning contracts for integrated systems of ever-increasing size,
often involving a number of different Group businesses.  The heart of the
Group's success continues to be the delivery to our customers of niche products
and solutions using Ultra's differentiated technologies.



"Ultra's success is also borne out by its long-term financial performance.
Since flotation in 1996, Group turnover has more than doubled, delivering annual
compound growth in both sales and profits of 13%.  Over the same period, total
shareholder return has averaged 12% per annum.  A foundation of the success of
Ultra has been its ability to expand its order book coupled with successful
programme execution.  Ultra's entry into the FTSE 250 in 2002 was an important
milestone in the continuing development of the Group.



"The current year has started well, as expected, and the Group is on the point
of delivering the first equipment to Network Rail for the Southern Region
electrical power upgrade programme.  So far this year, Ultra has won orders
worth over #70m, including contracts relating to the MoD's Bowman communications
system and orders for a new passenger baggage reconciliation system for use at
London's Heathrow airport.



"With our order book now over #350m, representing approximately 15 months of
future sales, and with the headroom for further acquisitions, the Board is
confident of the outlook for the current year and beyond."



                                    - Ends -



Enquiries:
Ultra Electronics Holdings plc                                   020 8813 4321
Dr Julian Blogh, Chief Executive                     www.ultra-electronics.com
                                                     information@ultra-scs.com


Weber Shandwick Square Mile                                      020 7067 0700
Susan Ellis / Susanne Walker




Notes to editors: Ultra is a group of specialist businesses designing,
manufacturing and supporting electronic and electromechanical systems,
sub-systems and products for aircraft, ships, submarines, armoured vehicles,
airports and transport systems worldwide.  The Group, which employs 2,600 people
in the UK and North America, focuses on high integrity sensing, control,
communication and display systems with an emphasis on integrated Information
Technology solutions.



The Group concentrates on obtaining a technological edge in niche markets, with
many of its products and technologies being market leaders in their field.
Ultra has an increasing role of supporting prime contractors by undertaking
specialist system and sub-system integration using the combined expertise of the
Group businesses.



Ultra is organised into three divisions as follows:



Tactical & Sonar including secure tactical line-of-sight radio systems,
multiplexers and switches; tactical datalinks; cryptographic equipment; active,
passive and multi-static sonobuoys; sonobuoy receivers and processors;
distributed surveillance sensor arrays; ship's sonar systems and ship's torpedo
defence systems



Aircraft & Vehicle Systems including miniature airborne compressors; high
integrity software and systems; aircraft system electronics; aircraft noise and
vibration control; propeller de-icing, balancing and control systems; armoured
vehicle electronic information and control systems and human/computer interface
equipment



Information & Power including command and control systems equipment; weapons
interfacing electronics; naval data processing and distribution; airport and
airline information management systems; passenger baggage reconciliation
systems; ID card systems; shared working environment solutions; naval power
conversion; signature management of naval vessels; transit system power
conversion and control




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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