14th Sep 2021 12:08
(Alliance News) - Chemring Group PLC on Tuesday said it is trading as planned and annual results will be in line with consensus, "despite the challenging environment in which we continue to operate."
The Romsey, Hampshire-based company supplies technology to the aerospace and defence industry.
Company-compiled consensus is for GBP57.5 million adjusted operating profit in the financial year ending October 31, up 5.1% from GBP54.7 million in financial 2020.
Shares were down 0.5% to 328.00 pence in London on Tuesday.
Chemring had an order book of GBP464 million on August 31, up 3.1% from GBP450 million on April 30. The order book provides full visibility for the remainder of the financial year, the company said.
Net debt was GBP38 million on August 31, down from GBP39 million on April 30. The Sensors & Information unit is performing strongly, while Countermeasures & Energetics is in-line, the company added.
"We have good momentum as we move into [financial 2022]. I am confident the focus we have placed on building a high quality, technology-based business will enable us to take further advantage of our increasing opportunities for growth in the coming years and our long-term prospects remain strong," Chief Executive Michael Ord said.
By Ivan Edwards; [email protected]
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