22nd Mar 2007 14:31
Chemring Group PLC22 March 2007 FOR IMMEDIATE RELEASE 22 MARCH 2007 CHEMRING GROUP PLC AGM STATEMENT BY THE CHAIRMAN Ken Scobie, Chairman of Chemring Group PLC ("Chemring" or "the Group"), made thefollowing statement at the Company's Annual General Meeting today: "I am delighted to report that the Group continues to make good progress.Trading remains buoyant in both our Countermeasures and Energetics divisions,and we continue to benefit from the strong growth reported in last year'sresults. Since the end of January, the Group's order book has increased from£246 million to a record £258 million. In the Countermeasures division, Alloy Surfaces recently received its firstmulti-year contract from the US Navy for its unique special material decoys. Thecontract is worth $21 million, deliverable over this and the next financialyear, with the possibility of additional future year options worth up to $43million. Alloy Surfaces is also currently engaged in discussions on a similarcontract with the US Air Force. There has been speculation that the withdrawal of coalition forces from Iraqcould have potential impact on the Group. The recently published US Governmentbudget proposals for 2008/09 (which Congress will consider in the Autumn),indicate that the global market for expendable decoy countermeasures couldexceed $500 million in 2008/09, and this gives the Board confidence in thesustainable long term growth of this division. The Energetics businesses are performing well, with over £43 million of neworders received in the first four months of this financial year, almost treblethat of last year. The Board remains confident that the prospects for growth in 2007 continue tolook promising." For further information: Ken Scobie Chairman, Chemring Group PLC 01489 881880 Dr David Price Chief Executive, Chemring Group PLC 01489 881880 Rupert Pittman Cardew Group 0207 930 0777 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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