There are two things to remember when you cast your eye over half-year results from specialist solution provider Ultra Electronics (ULE). First, market conditions remain tough and mostly unchanged since the group reported full-year results in March. Second, the numbers are largely second-half weighted anyway. That said, the decline in organic revenue has at least slowed to 2.5 per cent - compared with an 11.9 per cent drop this time last year - and underlying operating margins and cash conversion have both improved.
The order book has also increased over the course of 2016, but this measure also decreased if you disregard the Herley acquisition and currency movements. Still, further significant orders are expected in the second half, and Ultra enters the latter part of the financial year with an 84 per cent order cover despite a slower than expected second quarter.