29th Mar 2023 09:12
Chemring Group PLC - Romsey, Hampshire-based defence technology manufacturer - Receives order valued at GBP43 million for the delivery of critical components in the next generation light anti-tank weapon system. Says award follows GBP229 million that was placed on Saab AB by the UK Ministry of December in December. Expects to see deliveries under this contract to begin in 2024, as some of the components required have long lead times. Says it expects deliveries to continue into 2025 and 2026.
Chemring Chief Executive Officer Michael Ord says: "This significant award maintains and strengthens Chemring's position in the specialist materials and propellants market, which is seeing increased levels of activity as customers re-evaluate their requirements for conventional defence capabilities resulting from the evolving threat environment. Building on our already strong order book this contract increases visibility in our Countermeasures & Energetics segment for [financial] 2024 and beyond."
Current stock price: 269.40 pence, down 0.8% on Wednesday
12-month change: down 16%
By Greg Rosenvinge, Alliance News reporter
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