24th Jun 2019 11:01
(Alliance News) - Aerospace and defence products maker Chemring Group PLC on Monday said it has sold its Chemring Defence UK Ltd business for an unspecified nominal amount to PWD Group Ltd.
Chemring Defence UK, Chemring's military pyrotechnics business, makes military pyrotechnics to be used in illumination and signalling, as well as simulations and training.
In the year to October 31, Chemring Defence UK's revenue totalled GBP11.8 million and it posted a GBP700,000 operating loss. It was deemed to be discontinued in the group's 2018 financial statements, and was loss making for the six months to April 30.
"A process to exit the group's remaining commoditised energetics business in Florida is ongoing. The group will provide further updates when appropriate," said Chemring.
Shares in Chemring were trading 2.1% lower at 177.95 pence each on Monday morning.
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