28th Aug 2013 06:43
LONDON (Alliance News) - Chemring Group PLC(CHG.L), Wednesday in its interim management statement said revenue from continuing operations for the July quarter was 142.8 million pounds, down from prior year's 165.1 million pounds. The revenue decline was anticipated by the company, seeing an ongoing deterioration in defence spending within their NATO markets, and delay in order placements. Revenue at the company's countermeasures business decreased 32.2 percent from last year, due to the lower opening order book and delay from the US Department of Defense for product acceptance, order funding and awards. Revenue from the sensors & electronics segment was 6 percent lower, primarily due to the phasing of activity under some major contracts. Revenue in our pyrotechnics & munitions segment decreased by 7.6 percent due to delays in export licence approvals and slower than expected placement of orders.
Energetic sub-systems segment revenues were 18.7 percent, impacted by a significant decline in sales of build-to-print fuze components and cartridges, and delays in the production of components for the PAC-3 missile programme.
Copyright RTT News/dpa-AFX
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