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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Rolls-Royce    RR.   GB00B63H8491

ROLLS-ROYCE (RR.)
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Ultra Electronics under SFO investigation over suspected corruption in Algeria

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04/19/2018 | 09:19am CEST

LONDON (Reuters) - Ultra Electronics (>> Ultra Electronics) on Thursday announced that the UK's Serious Fraud Office had opened a criminal investigation into "suspected corruption in the conduct of business" by the British defence contractor in Algeria.

LONDON (Reuters) - Ultra Electronics on Thursday announced that the UK's Serious Fraud Office had opened a criminal investigation into "suspected corruption in the conduct of business" by the British defence contractor in Algeria.

Ultra said in a statement that it had referred itself to the British fraud authorities and that the SFO investigation concerned the business conduct of Ultra, its subsidiaries, employees and associated persons.

"Given the stage of these matters, it is not possible to estimate reliably what effect the outcome of this matter may have on the group," Ultra said, adding that it continued to co-operate with the SFO.

The SFO in a statement said it was looking into Ultra but said it could not provide additional information as the investigation "is live".

Ultra shares were down 6 percent in early trade.

The SFO's investigation into Ultra, which makes military electronics for land, air and sea forces, follows probes into other British companies operating in the defence sector including Rolls-Royce and BAE Systems.

Ultra Electronics's biggest market is North America with just 17 percent of its revenue coming from what it calls "rest of the world". It does not mention Algeria in its annual report.

Ultra, which last month abandoned a bid for U.S. company Sparton Corp (>> Sparton Corporation) due to anti-trust concerns, is currently without a chief executive.

Douglas Caster assumed the role of executive chairman last year after the previous CEO quit. New CEO Simon Pryce is due to join in June.

The SFO has been criticised by MPs in the past over its efforts to bring companies and senior individuals to book. More recently it has secured deferred prosecution agreements with Rolls-Royce and Tesco and filed unprecedented criminal charges against Barclays and former senior executives.

(Reporting by Sarah Young; editing by James Davey and Jason Neely)

Stocks treated in this article : Sparton Corporation, Rolls-Royce, BAE Systems, Ultra Electronics
Stocks mentioned in the article
ChangeLast1st jan.
BAE SYSTEMS 1.45% 601 Delayed Quote.4.89%
ROLLS-ROYCE -1.21% 866.2 Delayed Quote.2.27%
SPARTON CORPORATION 0.16% 18.99 Delayed Quote.-17.78%
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Financials ( GBP)
Sales 2018 14 836 M
EBIT 2018 685 M
Net income 2018 -329 M
Debt 2018 766 M
Yield 2018 1,53%
P/E ratio 2018 44,62
P/E ratio 2019 27,88
EV / Sales 2018 1,14x
EV / Sales 2019 1,06x
Capitalization 16 110 M
Chart ROLLS-ROYCE
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Rolls-Royce Technical Analysis Chart | RR. | GB00B63H8491 | 4-Traders
Technical analysis trends ROLLS-ROYCE
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Average target price 9,26  GBP
Spread / Average Target 6,9%
EPS Revisions
Managers
NameTitle
David Warren Arthur East Chief Executive Officer & Director
Ian Edward Lamert Davis Chairman
Simon Neil Kirby Chief Operating Officer
Stephen W. Daintith Chief Financial Officer & Director
Paul Stein Chief Technology Officer
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