Ultra Electronics says Oman airport IT contract terminated
(Reuters) - British defence contractor Ultra Electronics Holdings Plc 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 next 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 pounds when won in 2011, would have a minimal impact on its 2015 underlying profit.
(Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)
