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Ultra Annual Report and Accounts 2020 Innovating today for a safer tomorrow. Ultra Annual Report and Accounts 2020 DELIVERING OUR PURPOSE Innovating today for a safer tomorrow We develop the mission-critical solutions in support of a safer tomorrow Through innovative problem solving, using sustainable capabilities and evolving technologies, we deliver outstanding solutions to our customers’ most complex problems in defence, security, critical detection and control environments. By partnering with our customers, we provide the insight, technology and services they need to perform at their best and to help them make the world a safer place. Our global reach Our markets Our top customers Ultra’s core markets are the ‘five-eyes’ nations; the We work with the world’s major prime contractors Maritime 46% USA, Canada, UK, Australia and New Zealand. This and directly with the US DoD and UK MoD. gives us access to the largest addressable defence C4ISR/EW 28% budgets in the world. Our top 10 contracts accounted for 21% of Critical detection and control markets 26% our 2020 revenue (2019: 14%) and our top 10 North America 64% platforms (excluding sonobuoy sales) accounted Ultra operates mainly as a Tier 3 (sub-system) and for 18% of revenue (2019: 13%). UK 18% occasionally a Tier 2 systems provider, in the Maritime, C4ISR/EW (Command, Control, DoD 24% Mainland Europe 8% Communications, Computers (C4) Intelligence, MoD 7% Australia and NZ 4% Surveillance and Reconnaissance (ISR)/Electronic Warfare (EW)), military and commercial aerospace, Lockheed Martin 5% Rest of the World 6% nuclear and industrial sensors markets. BAE Systems 5% We use both research and development to Boeing 4% provide innovative, mission-specific bespoke technological solutions to our customers’ most Northrop Grumman 4% complex problems. Pratt & Whitney 4% Direct defence sales to the US Department of General Dynamics 3% Defense (DoD) accounted for 23.6% and UK Australia DoD 2% Ministry of Defence (MoD) 6.6% of Group revenue in 2020 (2019: 29%). Indirect sales to the DoD and US Bureau of Alcohol, Tobacco, MoD accounted for an additional 26% (2019: 24%). Firearms and Explosives 2% Raytheon 2% Rolls-Royce 1% Thales 1% GE 1% © 2019 Friend Studio Ltd File name: 1_Cover_Intro_v65 Modification Date: 8 April 2021 8:21 am Ultra Annual Report Strategic report Governance Financial statements and Accounts 2020 1 DELIVERING FOR ALL OUR STAKEHOLDERS Our 2024 objectives As part of our Focus; Fix; Grow transformation to become ONE Ultra, we identified five key stakeholder groups. We sought feedback from each group before we embarked on our transformation. This feedback formed the basis of our strategy and 2024 goals: Employees Customers Suppliers Create a dynamic, inclusive and To partner with customers, Develop Group-wide partners inspiring work environment that delivering innovative solutions with like-minded values that attracts, develops and retains that create ‘win-win’ outcomes provide best-value solutions, the best diverse talent pool for all parties technical innovation and support mutual success, fairness and respect Communities Investors To conduct business in an Deliver outstanding through- ethical, safe and sustainable way, cycle value for shareholders, acting as a positive force and through effective execution making an active contribution of Ultra’s strategy to our communities See more on p22-23 “ Ultra has given me the opportunity to grow as a young engineer, and really let me explore a range of different career options. It’s highly motivating being surrounded by such intelligent, innovative and caring people.” Millie Midwinter-Lean, Ultra Precision Control Systems Ultra Annual Report 2 and Accounts 2020 DELIVERING THROUGH FOCUS; FIX; GROW Good progress in 2020. Accelerating into 2021. 2020 was the first of our multi-year transformation journey as we FOCUS on the things we’re good at (applications engineering in the design, development and production of the key elements of mission-critical, intelligent and highly regulated systems); FIX the basics and unlock our potential to GROW faster. We have made good progress across all our transformation workstreams. In 2021 we’ll be advancing elements of our Focus; Fix; Grow programme to accelerate the realisation of our ONE Ultra goal to deliver exceptional value for all our stakeholders. ONE ULTRA GROW FIX FOCUS Ultra Annual Report Strategic report Governance Financial statements and Accounts 2020 3 Our 2021 priorities 1. Innovation 4. Continuous improvement Invest in innovation aligned to Develop the culture, standard customer needs tools and capability to continually 2. Customer improve our processes Strengthen sales capability and 5. Transformation processes, market intelligence and Deliver the transformation customer relationships. Improve programmes on time and to project delivery, on-time delivery, budget. Prioritise resources across productivity and cost effectiveness the organisation 3. People & culture 6. Health & safety, Embed our ONE Ultra operating environment and compliance model. Improve organisation Align businesses to common health, diversity and inclusion, environmental, energy and safety talent bench strength and function, standards. Improve the health and leadership capability and safety global programme across Ultra See more on p13 Ultra Annual Report 4 and Accounts 2020 Contents Highlights Performance highlights Strategic report Order book 06 Six things that make us excited about Ultra ONE ULTRA, DELIVERING 08 Our Strategic Business Units £1.1bn +4.0% 11 Our growth story (2019: £1.0bn) 14 ONE Ultra strategic progress Further strategic progress + Key programme wins 18 Chief Executive’s report Revenue 22 Working with our stakeholders (and s172) Delivering growth 26 Our business model £859.8m +4.2% + Third consecutive year of organic (2019: £825.4m) 28 Key performance indicators revenue growth 30 Our target markets + Strong order book development 32 Strategic Business Unit review Statutory operating profit + Market outperformance 38 A Positive Force: our commitment to a sustainable future Robust performance £106.3m +12.8% 54 Principal risks and uncertainties (2019: £94.2m) + Solid execution, despite Covid-19 60 Financial review + Margin progression and Underlying operating profit* Governance excellent return on invested capital (ROIC) 66 Chairman’s governance report + Increased dividend £126.1m +6.7% 68 Our Board (2019: £118.2m) 74 Our Executive Team Transformation on track 78 Our Board in action + Good progress on Focus; Fix; Statutory basic earnings per share 82 Nomination Committee report Grow change programme 84 Audit Committee report 118p +12.3% 88 Directors’ remuneration report Exciting potential (2019: 105.1p) 92 Annual report on remuneration + Record order book, good visibility + Stable markets with Ultra well 102 Directors’ report Underlying earnings per share* positioned in growth segments Financial statements + Targeted technology investment 130.6p +9.3% 105 Independent auditor’s report + Transformation benefits (2019: 119.5p) 114 Consolidated income statement accelerating 115 Consolidated statement of comprehensive Statutory cash generated by operations income 116 Consolidated balance sheet £142.6m +24.1% 117 Consolidated cash flow statement (2019: £114.9m) 118 Consolidated statement of changes in equity Underlying operating cash flow* 119 Notes to accounts – Group Forward-looking statement 156 Statement of accounting policies – Group This Annual Report contains certain forward-looking statements with respect to the operations, strategy, £116.1m +33.8% 165 Company balance sheet performance, financial condition and growth opportunities (2019: £86.8m) of the Group. By their nature, these statements involve 166 Company statement of changes in equity uncertainty and are based on assumptions and involve risks, 167 Notes to accounts – Company uncertainties and other factors that could cause actual results and developments to differ materially from those Underlying operating cash conversion* 171 Statement of accounting policies – Company anticipated. The forward-looking statements reflect knowledge and information available at the date of 173 Glossary preparation of this Annual Report and, other than in accordance with its legal and regulatory obligations, 92% the Company undertakes no obligation to update (2019: 73%) Shareholder information these forward-looking statements. Nothing in this 174 Five-year review Annual Report should be construed as a profit forecast. * Underlying and organic measures, as quoted throughout Dividend per share 176 Business addresses the strategic report, are reconciled to statutory measures in note 2 (pages 122-123) and defined on pages 163-164. ** when including the 2019 final dividend that was 56.9p +5.0% withdrawn as a precautionary measure due to the Covid-19 pandemic and paid on 18 September 2020 (2019: 54.2p)** as an additional interim dividend. © 2019 Friend Studio Ltd File name: 2_Contents_InvestmentCase_v79 Modification Date: 8 April 2021 1:29 pm Ultra Annual Report Strategic report Governance Financial statements and Accounts 2020 5 2020 was a year that demonstrated the underlying strength of Ultra, and the capabilities and dedication of our outstanding people. Through the extraordinary efforts of the whole Ultra team, we made good strategic progress and achieved our third consecutive year of strong organic growth. We made good progress on our ONE Ultra transformation and, as a result, we delivered or exceeded most of our stakeholder objectives. These would
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