Oman airport terminates UK firm's $310m IT contract

Ultra Electronics says termination of the contract would have a minimal impact on its 2015 underlying profit
Oman airport terminates UK firm's $310m IT contract
By Reuters
Sun 25 Jan 2015 01:43 PM

British defence contractor Ultra Electronics Holdings said its Oman airport IT contract had been terminated and there would be a likely provision against the contract balances in its 2014 results.

It would start discussions with the customer this week to work towards a settlement, the maker of gunshot detection equipment and sonars for submarines said on Friday.

Ultra said termination of the contract, which was worth about £207 million ($310 million) when won in 2011, would have a minimal impact on its 2015 underlying profit.

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