21st Mar 2016 11:18
LONDON (Alliance News) - Chemring PLC on Monday said trading in the first quarter of its financial year missed its expectations due to weaker margins and customer delays.
The company, which makes countermeasures such as flares and decoys that military aircraft use against missile attack, as well as sensors and electronics used in military vehicles, said revenue for the quarter to the end of January rose to GBP82.9 million from GBP61.5 million.
Trading in the quarter, however, missed its expectations due to weaker margins from a shift in its sales mix, customer delays and from specific production and contract finalisation issues.
Chemring's order book at the end of January sat at GBP593.8 million, up from GBP569.6 million at the end of October.
Chemring affirmed its expectations for the year to the end of October, but said the results would be weighted to the second half.
Chemring shares were down 4.1% to 128.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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