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FTSE 100 higher but Ultra Electronics shares sink as chief leaves

From BBC - November 13, 2017

Shares in Ultra Electronics sank by more than a fifth after the defence contractor issued a downbeat outlook and said its boss had left the company.

The FTSE 250 firm said the UK market had become increasingly difficult in the second half of the year due to budget pressures in defence programmes.

It also announced that chief executive Rakesh Sharma had stood down with immediate effect.

Shares in Ultra Electronics slumped 21% in early trade.

The fall comes on top of an 11% slide in its shares on Friday last week, when the company said a decision on its purchase of US firm Sparton was set to be delayed till March.

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