Thanks for the news Sharespotter.

Seeing that the blue-blooded brokers are Ultra's house-broker, they have to look on the bright side.

I wonder if the special requests refer to Tomahawk cruise missle repairs and integration of C4 software between US and UK naval fleets?

Possible delays on the contract are disturbing. This sounds like the Motorola one for the US Army, mentioned on p14 of the 2000 annual report. In August, however, Motorola announced they were selling their Integrated Information Systems Group to General Dynamics (for $825 cash) - whose Canadian based CDC systems won the Bowman contract. What remains to be seen is whether General Dynamics take control of the TAIS contract before Ultra are awarded the sub-contract. It could be, GD don't require the sevices of Ultra's Advanced Programming Concepts Inc.

Nor have Cazenove reassured on the health of Ferranti Air Systems. On the plus side, increased traffic at smaller airports, arising from booming fractional ownership and chartered business jets, may boost sales. On the minus side, large airport operators and airlines have to cut back - in fact BA froze all IT spending immediately after September 11.

Considering the reductions in planned production of regional planes at Shorts and Bombardier, and that the worse news is awaited from Airbus, and that the Greeks deferred the delivery of 60 Eurofighters by 2 years (France may do the same) I remain nervous.

Were profit forecasts to be trimmed, and the shares to drop to around 250-300, I would consider them a strong buy, however.