Ultra is embarking on the next step in its evolution. The recent reorganisation to a market-facing structure, combined with the acquisitions of EPD and Furnace Parts, display a clear shift towards a more focused, customer-oriented business, which should allow the scale of Ultra’s ambition to increase. It should also enable the company to use its strong cash flows to augment embedded long-term organic growth of 4-5%. The in-line Q3 statement is reassuring, given the signalled departure to the private sector of the well-regarded CFO at her own instigation.
