BUZZ-Ultra Electronics: Soars on robust outlook

** UK defence contractor Ultra Electronics (Frankfurt: 909716 - news) +14 pct, biggest single day pct gain in 14 yrs, top of FTSE 250

** Co says order intake for 2017 was about 900 mln stg ($1.21 bln)

** Co says in trading update that it has significant exposure to a rising U.S. defence budget, and had seen growing demand for advanced technologies in the U.S.

** "Order intake has been strong, good cash conversion is expected ... Many feared much worse was to come following weak H1'17 cash generation then a profit warning and departure of the CEO," Liberum analyst Ben Bourne says

** Ultra had, in November, warned of lower defence orders in Britain

** Britain's military equipment makers are looking to U.S. defence spending plans to offset defence budget pressure at home (http://reut.rs/2jdP5py)

** Co says the search for a new CEO is underway, after its last CEO quit in Nov as Britain's government scaled back business with the defence contractor

** "Two contract awards announced in Nov reminded us that the company possesses niche technology in growing areas of the market ... but it is today's statement that offers most encouragement," Bourne adds

** Stock fell 30.6 pct in 2017