19th Jan 2017 15:03
LONDON (Alliance News) - Chemring Group PLC Thursday said its new Finance Director Andrew Lewis acquired his first shares as the company swung to profit in the year to the end of October.
Karen Lewis, the wife of Andrew Lewis, bought 8,720 shares at 173.74 pence each on Thursday.
Chemring appointed Lewis as its new finance director in December. He joins from his role as finance director of Avon Rubber PLC, the UK-listed rubber products company, which he left at the end of November after eight years at the group.
Lewis started his new role with Chemring on January 9 and joined the board on Thursday following publication of the company's results for the year to October 2016.
The company said it made a pretax profit of GBP11.1 million in the year to October 31, compared to a GBP400,000 loss a year before. The profit growth was driven by revenue rising to GBP477.1 million from GBP377.3 million, up 26% thanks in part to translating US dollar sales into a weak pound. In constant currencies, sales were up 17%.
Shares in the defence countermeasures maker were up 2.2% at 171.50p Thursday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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