Ultra Electronics, an FTSE 250 business, is the West's go-to place to hunt submarines. CEO Rakesh Sharma vouches making sonar systems and sonar buoys that are dropped from aircraft to detect submarines, to be one of the best businesses in the current times. Calling anti-submarine warfare as a “forgotten” industry, Sharma said, “There were about 250 submarines in the world during the time of Second World War, now, there are 500.” He joined the company in 1989, and has seen a steady decline in the demand for submarine detection kit.
After hit with low demand, Ultra suggested a partnership with the Ministry of Defence on sonar buoys, 13 years ago. “We don't exist because I can pick up the phone and talk to David Cameron as I employ 30,000 people- I doubt the policeman outside No 10 would take my call. We survive because we are innovative in technology, but also in the way we do business.” With a company that maintains such a low profile, 54 year old Sharma makes sure he keeps it more engaged, and participating with the government and organisations.
