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UK Sparks: Ultra Electronics Wins US Navy Contract; EN+ Earnings Slump

Edison

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The US Navy awarded Ultra Electronics and its joint venture partner Sparton DeLeon Springs a contract worth up to $1.04bn to manufacture sonobuoys for at least five years. Ultra Electronics CEO Simon Pryce said the “important” contract reflects the US focus on anti-submarine warfare. A sonobuoy is a portable electronic sensor that can detect underwater sounds.

Acacia Mining said it will now be able to meet its financial obligations for an “extended period of time” after it began exporting gold from its North Mara Gold Mine in Tanzania. The company said it had started to receive export permits from the Mining Commission of the Tanzanian Ministry of Minerals. This is despite separately being issued with a prohibition notice to stop use of its Tailings storage facility at the North Mara mine. Acacia said mining activities remain unaffected for the time being.

En+ Group saw revenue drop 5.4% in the first half to $5.8bn and net profit slump 23.2% to $796m after trade tensions between the US and China sent aluminum prices tumbling. This is despite the company seeing a rebound in earnings in the second quarter after being free from US sanctions. Chairman Lord Barker said while global conditions remain challenging, the company expects to pay dividends in 2019.

Cello Health has acquired the trade and assets of Innovative Science Solutions, a scientific consulting firm that provides strategic counsel and regulatory support for the US healthcare industry, for an initial $6.4m. Any surplus working capital will be paid to the vendors on a dollar for dollar basis, the company said

Finally, international payments company Equals Group is looking to raise up to £16m to accelerate its corporate offering and make bolt-on acquisitions. Equals is looking to raise up to £14m by placing shares with new and existing investors and raise a further £2m via an open offer with existing qualifying shareholders.

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