Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Chemring expects to meet guidance despite foreign exchange headwinds

17th Oct 2024 10:34

(Alliance News) - Chemring Group PLC on Thursday said order intake for its 2024 financial year to date has risen in line with market expectations, despite current foreign exchange headwinds.

The Hampshire, England-based company is a provider of technology products and services to the aerospace, defence and security markets.

Its order intake for the eleven months to September 30 was GBP638 million, rising 5.6% from GBP604 million last year. Its order book grew 28% to GBP1.11 billion from GBP869 million last year.

Within its three Energetics division businesses alone, order intake rose 32% to GBP319 million from GBP242 million. Its Countermeasures business received orders of GBP172 million, up 8.2% from GBP159 million the year prior.

Chemring expects its full-year results for the year due to end October 31 to be in line with expectations, citing analyst forecasts between GBP70.8 million and GBP73.6 million in adjusted pretax profit. This would represent between a 4.3% and 8.4% rise from adjusted pretax profit of GBP67.9 million last year.

The company is due to release its full-year results on December 17.

Chief Executive Officer Michael Ord said: "The business has continued to perform as expected, and with financial 2024 revenue fully covered by the order book, we remain on track to deliver 2024 performance in line with the current range of analyst expectations despite current foreign exchange headwinds.

"The growth in order intake demonstrates both our customer's needs to rebuild their defence deterrent for the long term and their confidence in Chemring to develop and supply highly effective solutions. These awards strengthen our order cover over the near to medium term, and position the group well to meet our ambition to increase annual revenue to around GBP1 billion by 2030."

Shares in Chemring were up 3.3% at 378.00 pence each in London on Thursday morning.

By Emily Parsons, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

FTSE 100 Latest
Value8,306.54
Change-11.70