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Ultra Annual Report and Accounts 2019 We are investigators, problem solvers, brilliant thinkers, relentless explorers. We are Ultra. Annual Report and Accounts 2019 OUR TOP CUSTOMERS We work with the US Department of Defense (DoD), the UK Ministry of Defence (MoD) and other aerospace, defence and critical infrastructure providers both directly and through prime contractors. Our top 10 contracts accounted for 14% of our 2019 revenue and our top 10 platforms accounted for 19% of revenue. US DoD 22% UK MoD 7% Lockheed Martin 6% Boeing 5% BAE Systems 5% Northrop Grumman 3% Pratt and Whitney 3% General Dynamics 2% US Bureau of Alcohol, Tobacco, Firearms and Explosives 2% Thales 2% Ultra at a glance p8 Our target markets p24 Ultra Annual Report Strategic report Governance Financial statements and Accounts 2019 1 OUR MISSION AND THE REASON WE EXIST Innovating today for a safer tomorrow. OUR OUR GLOBAL MARKETS REACH We operate mainly as a Tier 3 (sub-system) Our core markets are the ‘five-eyes’ nations: and occasionally a Tier 2 systems provider Australia, Canada, New Zealand, UK and USA. in the maritime, C4ISTAR-EW (command, This gives us access to the largest and most control, communications, computers, sophisticated addressable defence budgets intelligence, surveillance, acquisition and in the world. reconnaissance – electronic warfare), military and commercial aerospace, North America 61% nuclear, and industrial sensors markets. UK 21% Maritime 43% Rest of the World 11% Intelligence & Communications 27% Mainland Europe 7% Other critical detection and control markets 30% We provide innovative, mission-specific, bespoke technological solutions to our customers’ most complex problems. Direct defence sales to the DoD and MoD accounted for 29% of Group revenue in 2019. Indirect sales to the US DoD and UK MoD accounted for an additional 24%. Ultra Annual Report 2 and Accounts 2019 Ultra Annual Report Strategic report Governance Financial statements and Accounts 2019 3 OUR VISION To deliver outstanding solutions to our customers’ most complex problems. OUR STRENGTHS Customer reputation and relationships Robust business model A strong reputation, technical relationships A breadth of capabilities, technical knowledge and a record of delivery that make us a critical and expertise that support our broad range of supplier to many of our customers. solutions. We are not dependent on any one technology, product, platform, application, Technical expertise customer or market. We apply our capabilities and deep technical knowledge to provide customers effective Intellectual property and capability electrical, electronic and data solutions – A range of solid capabilities and deep technical particularly in harsh and highly regulated knowledge in transducer design, signal and environments where size, weight and power radio frequency, encryption, transmission, are key. assurance and data processing. People Every day, our talented and committed people deliver innovative solutions using their expertise, Ultra capability and technology. Our business review p26 Ultra Annual Report 4 and Accounts 2019 We are the smart people behind the smart people. Every day, all over the globe, people are working to make the world safer and more secure. And behind those people is Ultra. There is huge variety in my We’re moving from a group of day-to-day job. One minute I’m individual businesses to ONE Ultra. working on a multimillion-dollar That’s a huge change but an exciting programme and the next we are one. We have some of the best developing our own innovations. relationships with our customers You would never find this type of in the industry, so keeping that variety in other companies. entrepreneurial spirit and local focus while standardising the business is a fantastic opportunity to be part of. OUR ASPIRE VALUES Agile Performing Rewarding We embrace change, adapting We are relentless about quality, We love to celebrate success, to the conditions and making we’re never satisfied until we’ve seeking out and rewarding positive decisions at the right level. done what we said we’d do. contributions at every level. Sharing Innovating Empowering We win as a team, sharing We’re open and questioning, We trust and empower each ideas and resources to achieve we challenge each other other, acting safely, ethically great things. to think in new ways. and with integrity. Our people and culture p34 Ultra Annual Report Strategic report Governance Financial statements and Accounts 2019 5 This is a business that is changing for the better. I feel like I’m a key part of that journey. At every stage of this process we have been involved in the decisions that management are taking and I truly believe what we are doing now is going to take Ultra to the next level. Ultra Annual Report 6 and Accounts 2019 Contents Performance highlights Strategic report Order book RETURN TO GROWTH 8 Ultra at a glance 11 Our new ONE Ultra strategy £1.0bn +4.0% + Positive order book development, (2018: £938.9m) robust revenue growth 14 Chief Executive’s report + Positive profit, earnings and ROIC 16 Working with our stakeholders Revenue (return on invested capital) progression 18 Our business model + Average working capital turn improved by 12%, despite working capital normalisation 20 External key performance indicators £825.4m +7.7% (2018: £766.7m) 22 Strategic Business Unit changes 24 Our target markets Statutory operating profit TRANSFORMATION STARTED 26 Strategic Business Unit review 32 How we do business £94.2m +44.3% + ONE Ultra strategy clarified, (2018: £65.3m) cultural change commenced 40 Principal risks and uncertainties + Good Focus; Fix; Grow progress Underlying operating profit* 47 Financial review + Technology and infrastructure investment accelerating Governance £118.2m +4.9% (2018: £112.7m) 52 Our Board POSITIVE OUTLOOK 54 Our Executive Team Statutory basic earnings per share 55 Corporate governance report + Good momentum 105.1p +141.1% + Healthy order book, up 10.7% 68 Nomination Committee report (2018: 43.6p) organically* and strong order 70 Audit Committee report cover of 71% (2018: 66%) Underlying earnings per share* 74 Directors’ remuneration report + Significant opportunities to drive 77 Proposed Directors’ Remuneration Policy enhanced growth and improve 119.5p +9.1% efficiency over time 83 Annual Report on Remuneration (2018: 109.5p) 92 Directors’ report Underlying operating cash conversion* Financial statements 95 Independent auditor’s report 73% (2018: 79%) 104 Consolidated income statement Dividend per share 105 Consolidated statement of comprehensive income 106 Consolidated balance sheet 54.2p +5.0% 107 Consolidated cash flow statement 108 Consolidated statement of changes in equity 109 Notes to accounts – Group Forward-looking statement 147 Statement of accounting policies This Annual Report contains certain forward-looking statements with respect to the operations, strategy, performance, financial 156 Company balance sheet condition and growth opportunities of the Group. By their nature, these statements involve uncertainty and are based on 157 Company statement of changes in equity assumptions and involve risks, uncertainties and other factors 158 Notes to accounts – Company that could cause actual results and developments to differ materially from those anticipated. The forward-looking 161 Statement of accounting policies statements reflect knowledge and information available at the date of preparation of this Annual Report and, other than in 165 Glossary accordance with its legal and regulatory obligations, the Company undertakes no obligation to update these forward-looking statements. Nothing in this Annual Report should be construed Shareholder information as a profit forecast. 166 Five-year review * Underlying and organic measures, as quoted throughout the strategic report, are reconciled to statutory measures in note 2 168 Business addresses (pages 112–113) and defined on pages 155 and 164 Ultra Annual Report Strategic report Governance Financial statements and Accounts 2019 7 2019 was a busy year for Ultra, and one in which we made great progress. We defined and started our Focus; Fix; Grow transformation journey, made good progress on a number of our change initiatives and continued to identify longer-term opportunities for enhanced growth and improved efficiency. At the same time, we delivered a good set of results for our stakeholders. We enter 2020 with an enhanced, engaged and motivated team and a strong order book. In addition to focusing on improved delivery as part of our change agenda, we will be accelerating investment in internal R&D and underlying IT infrastructure as well as increasing our focus on process standardisation and excellence. Simon Pryce Chief Executive Ultra Annual Report 8 and Accounts 2019 Ultra at a glance Our Strategic Business Units Maritime & Land Became “Maritime” on 1 January 2020. Experts in maritime mission Our core capabilities Revenue systems, including: sonar, radar, and strategic focus acoustic expendables, signature Underwater expendables £353.0m management and power systems. + World-leading provider of sonobuoys Organic revenue growth We are a strategic partner of and sonobuoy receivers ‘five-eyes’ defence customers, + Towed and expendable off-board +7.8% countermeasure systems focusing on mission-centric Underlying operating profit + Signal processing automatically detects, equipment, systems and support. classifies and tracks anti-submarine warfare Our innovative solutions deliver threats to surface ships, submarines
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