FOR IMMEDIATE RELEASE
1 FEBRUARY 2006
CHEMRING GROUP PLC
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 OCTOBER 2005
Results
Profit before tax and impairment of goodwill �17.3 million (2004: �13.3
million), up 30%
Basic earnings per ordinary share before impairment of goodwill 42.22p (2004:
33.32p), up 27%
Profit before tax �14.3 million (2004: �13.3 million), up 8%
Basic earnings per ordinary share 31.90p (2004: 33.32p), down 4%
Dividend per ordinary share 10.50p (2004: 9.00p), up 17%
Highlights
Over 80% turnover growth at Alloy Surfaces, creating the world's largest
expendable decoy business, and further significant expansion announced post
year end
Acquisition of Nobel Energetics within the newly-formed Energetics division
Marine division classified as non-core and divestment announced
Strong operational cash flow
Order book up 32% to �123 million at the year end
Current order book at record high of �160 million
Four acquisitions in the Energetics division since the year end
Commenting on the results, Ken Scobie, Chemring Group Chairman, said: "The
Group's profitability has been substantially influenced by another record year
for sales and earnings at Alloy Surfaces in the US. The rest of the
Countermeasures division delivered excellent results in the second half and
this, together with a good performance from the Energetics division, provided a
very respectable increase in earnings per ordinary share before impairment of
goodwill to 42.22p (2004: 33.32p).
The strength of the Group's underlying performance is masked in part by the
Marine division which made losses of �2.5 million in the year, equating to
approximately 6p of post-tax earnings. Without these losses, the Group would
have been reporting even higher growth in earnings. The Board has now
determined that the Marine division is non-core and accordingly will be
divested.
The Board has reviewed the direction of the Group, taking into account our
unique position in the defence industry worldwide. It has determined that it
will remain totally focussed on the defence industry, with its commercial
activities limited to exploiting any technology arising from its defence
products.
The Group will obviously continue with its core Countermeasures business, where
it is experiencing excellent growth and is by some distance the world leader,
with more than half of the world decoys market and supplying in excess of 60%
of the US military's decoy requirements.
Our second core business is that of Energetics, where the Group already has
significant experience and where we believe the worldwide market is highly
fragmented and capable of consolidation. The Board believes that good organic
growth can be generated in this division, and combined with acquisitions, this
could provide excellent returns. The acquisitions of Technical Ordnance,
Leafield Engineering and Leafield Marine announced today will significantly
strengthen the division, and the UK Government's recently published Defence
Industrial Strategy would appear to support our focus in this area.
The Group's order book is at a record level, demand for our decoys promises
solid growth in Countermeasures, and our concentration on Energetics will
produce a strong second division. I look forward to reporting further dynamic
progress of the Group, including its newly acquired businesses, at the half
year."
For further information:
Ken Scobie Chairman 0207 930 0777
Dr David Price Chief Executive 0207 930 0777
Paul Rayner Finance Director 0207 930 0777
Rupert Pittman Cardew Group 0207 930 0777
CHEMRING GROUP PLC
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 OCTOBER 2005
Results
Turnover from continuing operations was �130.2 million (2004: �125.6 million),
an increase of 4%. Net operating margin from continuing operations before
impairment of goodwill was 14.8% (2004: 13.5%). Net operating profit from
continuing operations before impairment of goodwill was �19.3 million (2004: �
16.9 million), an increase of 14%.
The acquired business turnover of �2.3 million and operating profit of �0.8
million represents two months' contribution from Nobel Energetics, which was
acquired on 1 September 2005.
Following the Board's annual impairment test on the Group's total goodwill, it
was decided to take a goodwill impairment charge of �3 million against
operating profit in relation to the non-core Marine division.
Total operating profit was �17.1 million (2004: �16.9 million).
An analysis of the core and non-core business turnover and operating profit is
shown below:
2005 2004
�m �m
Turnover Operating Turnover Operating
profit/(loss) profit/(loss)
Core 118.7 21.8 110.1 17.4
Non-core 11.5 (2.5) 15.5 (0.5)
130.2 19.3 125.6 16.9
Core - acquired 2.3 0.8 - -
132.5 20.1 125.6 16.9
Impairment of
goodwill - (3.0) - -
132.5 17.1 125.6 16.9
The non-core Marine losses of �2.5 million include restructuring costs of �1.0
million in relation to accelerated amortisation of development costs,
additional stock provisions and redundancy costs.
Profit before tax and impairment of goodwill was �17.3 million (2004: �13.3
million), an increase of 30%. Profit before tax was �14.3 million (2004: �
13.3 million) an increase of 8%.
The dividend per ordinary share of 10.50p (2004: 9.00p) is covered 3.0 times
(2004: 3.5 times).
Turnover by Business Area
2005 2004
�m �m
Core businesses
Countermeasures 90.8 78.7
Energetics 30.2 31.4
121.0 110.1
Non-core business
Marine 11.5 15.5
132.5 125.6
Total
Core Businesses
Countermeasures
The global expendable countermeasures market continued to grow in 2005, and is
now estimated to stand at about �180 million per annum. The demand for decoys,
particularly our special material products, has grown very strongly, driven by
the MANPADS threat to the numerous peacekeeping operations currently being
undertaken in the Middle East, Eastern Europe, Southern Asia and Africa. The
Group is the world leader in decoy technology, and we have three of the four
largest suppliers. Alloy Surfaces' strong growth has continued and it is now
the largest supplier of expendable decoys in the world.
Alloy Surfaces had an excellent year, generating in excess of $75 million of
sales. A second production facility was commissioned and completed on schedule
during the first half of the year, and production has ramped-up steadily to
full capacity. This was primarily to meet increased demand for decoys from the
US Air Force. The build-up of BOL-IR decoys to production rates in excess of
50,000 per month to support the UK Ministry of Defence (MoD) operations in
Afghanistan and Iraq was also successfully completed. Overall, Alloy Surfaces
manufactured in excess of one million decoys during the year.
Export sales of special material decoys also started to increase, with sizable
volumes ($15 million) delivered to the UK, Japan and Australia. The US
Government has indicated its willingness to allow exports to other NATO
countries, offering the potential for growth in our export sales.
We recently announced the signing of a Memorandum of Understanding with the DoD
for the expansion of Alloy Surfaces' production capacity in Philadelphia to
increase the manufacture of one of its special material decoys for US Army
helicopters. To meet the growth from 20,000 to 80,000 units per month, we
shall be expanding one of the two existing plants and building a third
manufacturing facility. We expect to have the extension to the second plant
operational by May 2006, and to have commissioned the third plant by September
2006. Maximum manufacturing rates will be achieved in January 2007 and will
continue until at least the end of 2008. If the ramp-up in production is
achieved to the US Army's schedule, then, at full capacity, the new requirement
should generate more than $50 million per annum of additional revenues.
Early in the year, the award of a multi-year contract to Kilgore for the
production of M206 and MJU-7A/B decoys for the US Air Force was delayed by
three months because of an appeal from one of our competitors, which was duly
rejected. Production was then successfully ramped-up and consistent
manufacture of over one million decoys was achieved in the remaining nine
months of the year. The second half performance of the business was ahead of
the same period last year.
Our UK business, Chemring Countermeasures, also had a successful year, making
considerable progress on the development of new products for the air, sea and
land environments.
Good progress was made on the development of new dual-spectral flares for
fixed-wing and helicopter applications, and recent flight tests have
demonstrated that these meet the stringent MoD requirements. We have also
completed flight testing of a new kinematic decoy that will cope with
rate-biased seekers. Orders for these new products have already been secured in
the first months of the current financial year.
We have secured our first export development and production contract for key
sub-systems in the underwater countermeasure system, LOKI. This will open up a
new export market, which is just starting to grow.
Finally, a five year framework agreement, worth �11.9 million, was signed with
the MoD for the supply of decoys, and work is now underway to convert this into
a full partnering agreement.
Energetics
There was a reduction in sales volumes in the year at PW Defence, Pains Wessex
Australia and Kilgore, although Pains Wessex Marine increased its turnover by
6%.
PW Defence was affected by strong competitive pressures in the UK market from
other European companies. Following a restructuring of the cost base and
investment in various new products, a recovery is expected in 2006. We also
signed a partnership agreement with Martin Electronics Inc. in the US. This
should secure better access to the lucrative US military market for our
pyrotechnic products, and provides us with a family of 40mm products for the
European market.
The ordnance activities at Kilgore also had a disappointing year, down 17%,
with delays in new orders for both ordnance primers and marine location
markers.
In September 2005, we completed the acquisition of Nobel Energetics, located on
the Ardeer peninsula on the west coast of Scotland. The company has a turnover
of approximately �13 million and employs 130 people.
Nobel Energetics has a wide range of products that significantly enhance our
product range, including initiators, actuators, gas generators, munition
release cartridges, demolition stores, propellants and rocket motors. The
company provides twenty devices for Martin Baker ejector seats. It is in the
process of completing the development of the rocket motors for the Saab NLAW
missile that has been ordered by the MoD as its short-range anti-tank weapon. A
total of 14,000 units have been ordered.
Shortly after the year end, we completed the acquisition of Comet, located in
Bremerhaven, Germany. The company has a turnover of about �14 million and
employs 110 people. Comet extends our product portfolio significantly in
training/simulation products, and mine breaching systems. It also enhances our
access to German and Eastern European markets. It has a strong marine
pyrotechnics brand, which combined with Pains Wessex Marine, makes us the world
leader in this market.
Finally, we have separately announced today the acquisitions of three other
companies that will further enhance the growth of our Energetics division.
We have reached agreement on the acquisition of Technical Ordnance in South
Dakota, USA. It manufactures initiators, impulse cartridges, safety and arming
components, and cutting charges, and has a complementary range to Nobel
Energetics. Technical Ordnance supplies all of the US armed forces, although
its largest customer is the US Air Force. It has a turnover of approximately �
18 million and employs 120 staff.
We have also acquired Leafield Engineering and Leafield Marine, both located in
the UK.
Leafield Engineering provides a comprehensive range of pyro-mechanical devices,
safety and arming mechanisms, and weapon break-up systems, as well as
protractors, cutters and explosive release bolts. It greatly extends our
presence in the missile and weapon segment of the defence market. It has a
turnover of over �5.8 million and employs just over 70 staff.
Leafield Marine manufactures valves and inflation systems for the marine and
defence markets, utilising technology similar to that which exists at Nobel
Energetics. It has sales of �1.4 million and employs 20 people.
The acquisitions of Technical Ordnance, Leafield Engineering and Leafield
Marine will bring additional sales of approximately �25 million to our
Energetics division. This division, including Nobel Energetics and Comet, will
now have sales in excess of �75 million per annum.
Non-core Business
Marine
It was a disappointing year for the Marine division. In the lights business,
reduced demand from the MoD led to a 22% fall in sales volumes, whilst beacons
sales, particularly in the US, continued to be affected by doubts regarding the
performance of GPS beacons. An upgrade programme took place over the first
seven months of the year and sales only started to recover towards the very end
of the year, after a second independent trial had verified the improved
performance.
Sales of automatic identification system (AIS) transponders were also down to
40% of last year's levels, as the expected legislation for the US and Russian
work boats failed to materialise; this now looks to be delayed until 2006 or
2007.
A major restructuring of the business to reduce costs was undertaken during the
year. A number of new products, including a lower cost beacon, are nearing
completion, and we expect McMurdo to return to profitability during 2006.
The Board of Directors
During the year Peter Molony indicated his wish to retire from the Board, on
which he had served for eight years, initially for eighteen months as Chief
Executive, and subsequently as a non-executive director and Chairman of the
Audit Committee. The Board will miss his counsel and contribution, which
commenced at a low point in the Group's fortunes. We wish him well in his
retirement. The Group is currently searching for a replacement, during which
time Mr Scobie has temporarily assumed the Chairmanship of the Audit Committee.
Insurance Claim
In previous reports we have dealt with the issues surrounding our claims
against Royal & Sun Alliance, which has now been settled, and against our
former insurance brokers, Willis, in connection with the insurance recovery at
Kilgore. In good faith the Board responded to proposals from Willis that we
should go to mediation, recognising that should this fail it would delay the
commencement of Court proceedings. The mediation proved to be an unsatisfactory
exercise and there is now no alternative but to go to Court. The Group
continues to carry forward in its balance sheet a reasonable estimate for
recovery of the claim against Willis at the same level as in 2004.
Research and Development
Research and development expenditure totalled �6.3 million (2004: �6.0
million), an analysis of which is set out below:
2005 2004
�m �m
Customer funded research and development 2.6 2.4
Internally funded research and development 2.6 2.2
Capitalised development costs 1.1 1.4
Total research and development expenditure 6.3 6.0
The Group's policy is to write-off capitalised development costs over a three
year period. Amortisation of development costs was �1.6 million (2004: �1.6
million)
Interest
The interest charge for the year was �3.0 million (2004: 3.1 million).
Interest was covered 6.8 times (2004: 5.5 times) by operating profits before
impairment of goodwill.
Taxation
The tax charge of �5.0 million (2004: �3.8 million) represents a rate of 29%
(2004: 29%) on profits before impairment of goodwill. The goodwill impairment
charge does not attract tax relief.
Pensions
The calculated deficit under FRS17 on the Group's two defined benefit pension
schemes after tax was �13.6 million (2004: �12.3 million). The increased
deficit arose principally as a result of the reduction in the discount rate on
future liabilities.
Cash Flow and Net Debt
Operating cash flow was �21.1 million (2004: �14.5 million), with �23.6 million
of operating cash flow generated in the second half of the year, compared to an
outflow in the first half of �2.5 million. Working capital balances reduced in
the second half.
Fixed asset expenditure in the year was �8.0 million (2004: �5.6 million). The
increase in expenditure was in support of Alloy Surfaces' second facility.
Following the year end, Alloy Surfaces signed a lease on a third plant to
provide additional capacity to satisfy increased demand for its decoys. The
costs associated with the fit-out of the new plant and an extension to the
existing facilities will be in the region of $8 million, and will be incurred
in 2006.
The Group generated positive cash before the acquisition of Nobel Energetics.
However, as this acquisition was funded with a medium term loan, the Group's
overall net debt increased to �52.8 million (2004: �30.0 million). Gearing is
75% (2004: 47%).
Dividends
The Board is recommending a final ordinary dividend of 7.30p per ordinary
share, an 18% increase on the final dividend for 2004. This, together with the
interim dividend of 3.20p paid in September 2005, gives a total dividend for
the year of 10.50p, a 17% increase over 2004. The dividend is 3.0 times
covered. The shares will be marked "ex dividend" on 22 February 2006 and the
dividend is payable on 5 May 2006.
Post Balance Sheet Events
On 30 November 2005, the entire issued share capital of Comet GmbH was acquired
for a cash consideration of Euro9.6million (approximately �6.6 million before
costs). The consideration, which is subject to a working capital adjustment,
has been funded by a Euro medium term loan.
The acquisitions of Technical Ordnance, Inc., Leafield Engineering Limited and
Leafield Marine Limited have been announced today. A summary of the
transactions is set out below:
Agreement has been reached on the acquisition of the entire capital stock of
Technical Ordnance for $70 million (approximately �40 million), subject to a
working capital adjustment. The acquisition is dependent upon regulatory
approvals and is anticipated to complete in March 2006. The acquisition of
Technical Ordnance has been funded via a vendor placing of the Company's shares
which is expected to raise approximately �27.7 million (before costs), with the
balance funded from a new medium term loan.
The entire issued share capital of Leafield Engineering and Leafield Marine has
been acquired for a cash consideration of �4.4 million, subject to a working
capital adjustment, and the assumption of �0.6 million of bank overdrafts. The
Leafield acquisitions have been financed utilising an existing term loan
facility.
International Financial Reporting Standards
International Financial Reporting Standards (IFRS) came into effect on 1
January 2005. The Group's first set of audited financial statements reported
under IFRS will be for the year ending 31 October 2006. A preliminary
assessment of the impact on the Group has been made, and the potential impact
of certain items is set out below:
Goodwill Amortisation No change, as the Group already carries out
an annual impairment test and does not charge any amortisation.
Development Costs Development costs are capitalised under
SSAP13, and no change to reported numbers is envisaged.
Deferred Tax The Group does discount deferred tax
liabilities. Without the discounting, the tax charge is
likely to rise by approximately 1% per annum.
Pensions The deficit arising from actuarial
valuations will be recorded on the balance sheet.
Prospects
The market outlook for our Countermeasures business continues to be very
positive. In 2005, the global market increased by 12%, driven by the increased
requirements of the US. Over the next three years, the global market is
expected to grow, with significant growth in demand from both the US Army and
the US Air Force, particularly for our special material decoys.
The five new acquisitions in the Energetics division have also created an
enormous opportunity for growth, bringing together key expertise and technology
from both the US and Europe. The Group now has a very broad range of products
and we expect to achieve strong export growth when these are coupled with our
global market access.
The Group's order book is at a record level, demand for our decoys promises
solid growth in Countermeasures, and our concentration on Energetics will
produce a strong second division. We look forward to reporting further dynamic
progress of the Group, including its newly acquired businesses, at the half
year.
SUMMARY FINANCIAL INFORMATION
2005 2004 2003
�000 �000 �000
Turnover
Core business
Countermeasures 90,768 78,724 64,264
27,923 31,360 31,560
Energetics
-continued
2,272 - -
-acquiring
30,195 31,360 31,560
-total
120,963 110,084 95,824
Total core business
Non-core business - Marine 11,495 15,496 14,346
Discontinued operations - - 8,240
Total turnover 132,458 125,580 118,410
Operating profit/(loss) before impairment of
goodwill:
-Continuing 19,324 16,927 14,026
-Discontinued - - (216)
-Acquisitions 742 - -
Total operating profit before impairment of
goodwill
20,066 16,927 13,810
Impairment of goodwill (3,000) - -
Total operating profit 17,066 16,927 13,810
Profit before taxation and impairment of
goodwill
17,303 13,315 11,844
Profit before taxation 14,303 13,315 11,844
Dividend per ordinary share 10.50p 9.00p 7.40p
Basic earnings per ordinary share - before
impairment of goodwill1
42.22p 33.32p 30.48p
Basic earnings per ordinary share 31.90p 33.32p 30.48p
Diluted earnings per ordinary share 31.76p 33.14p 30.05p
Net debt 52,774 30,008 38,681
Shareholders' funds 70,204 63,357 52,423
1See note 3
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 31 October 2005
2005 2004
Before
impairment
of goodwill Impairment Total Total
of goodwill operations operations
�000 �000 �000 �000
Turnover 130,186 - 130,186 125,580
-continuing
2,272 - 2,272
-acquired -
132,458 - 132,458 125,580
Operating profit -continuing 19,324 (3,000) 16,324 16,927
742 - 742
-acquiring -
20,066 (3,000) 17,066 16,927
Associated undertaking 197 - 197 151
Loss on disposal of subsidiary
undertaking
- - (690)
-
Profit /(loss) on ordinary
activities before interest
20,263 (3,000) 17,263 16,388
Interest payable (2,960) - (2,960) (3,073)
Profit/(loss) on ordinary
activities before taxation
17,303 (3,000) 14,303 13,315
Tax on profit/(loss) on (5,011) - (5,011) (3,822)
ordinary activities
Profit/(loss) on ordinary
activities after taxation
12,292 (3,000) 9,292 9,493
Equity minority interest (13) 15
Profit for the year 9,279 9,508
Dividends (3,073) (2,690)
Retained profit for the year 6,206 6,818
Basic earnings per ordinary 42.22p (10.32p) 31.90p 33.32p
share
Diluted earnings per ordinary 31.76p 33.14p
share
Dividend per ordinary share 10.50p 9.00p
ADDITIONAL FINANCIAL PERFORMANCE STATEMENTS
For the year ended 31 October 2005
2005 2004
�000 �000
Statement of total recognised gains and losses
Profit for the year 9,279 9,508
Currency translation differences on foreign currency net
investments
67 (1,945)
Total recognised gains and losses since last annual report and
financial statements
9,346
7,563
Reconciliation of movements in shareholders' funds
Profit on ordinary activities after taxation 9,292 9,493
Equity minority interest (13) 15
Dividends
(3,073) (2,690)
Retained profit for the year 6,206 6,818
Other recognised gains/(losses) 67 (1,945)
Ordinary shares issued 10 77
Share premium arising
564 5,984
Net addition to shareholders' funds
6,847 10,934
Opening shareholders' funds as restated 63,357
52,423
Closing shareholders' funds 70,204
63,357
CONSOLIDATED BALANCE SHEET
As at 31 October 2005
2005 2004
�000 �000 �000 �000
Fixed assets
Intangible assets:
Development costs 2,297 2,841
Goodwill 39,948 27,984
42,245 30,825
Tangible assets 51,747 41,810
Investments 1,068 1,073
95,060 73,708
Current assets
Stock 32,274 25,090
Debtors 29,948 27,036
Cash at bank and in hand 7,774 9,933
69,996 62,059
Creditors due within one year (43,026) (49,915)
Net current assets 26,970 12,144
Total assets less current liabilities 122,030 85,852
Creditors due after more than one year (46,922) (18,174)
Provisions for liabilities and charges (4,627) (4,057)
Equity minority interest (277) (264)
70,204 63,357
Capital and reserves
Called-up share capital 1,521 1,511
Reserves
Share premium account 27,274 26,710
Special capital reserve 12,939 12,939
Revaluation reserve 2,374 2,410
Revenue reserves 26,096 19,787
68,683 61,846
Shareholders' funds 70,204 63,357
Attributable to equity shareholders 70,142 63,295
Attributable to non-equity shareholders 62 62
70,204 63,357
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 October 2005
2005 2004
�000 �000 �000 �000
Net cash inflow from operating 21,141 14,462
activities
Returns on investments and (3,131) (3,045)
servicing of finance
Taxation (7,612) (2,291)
Capital expenditure (7,953) (5,580)
Acquisitions and disposals (21,767) 482
Equity dividends paid (2,736) (2,219)
(22,058) 1,809
Net cash (outflow)/inflow
before financing
Financing - issue of shares 574 6,061
- increase/ 25,967 (4,478)
(decrease) in debt
26,541 1,583
Increase in cash 4,483 3,392
Reconciliation of net cash
flow to movement in net debt
Increase in cash 4,483 3,392
Cash (inflow)/outflow from the
(increase)/decrease in debt
(25,967) 4,478
Change in net debt resulting (21,484) 7,870
from cash flows
New finance leases (103) (354)
Translation difference (1,109) 1,157
Amortisation of debt finance (70) -
costs
Movement in net debt (22,766) 8,673
Opening net debt (30,008) (38,681)
Closing net debt (52,774) (30,008)
2005 2004
Continuing Acquired Total Total
operations
operations operations operations
�000 �000 �000 �000
Reconciliation of operating
profit to net cash flow from
operating activities
Operating profit 16,324 742 17,066 16,927
Impairment of goodwill 3,000 - 3,000 -
Amortisation charge 1,607 - 1,607 1,555
Depreciation charge 4,087 16 4,103 3,229
Loss on sale of tangible fixed 8 - 8 128
assets
Increase in stock (5,549) (147) (5,696) (1,169)
(Increase)/decrease in debtors (854) (251) (1,105) 1,116
Increase/(decrease) in 1,901 257 2,158 (7,324)
creditors
20,524 617 21,141 14,462
Notes
Accounts and Auditors Report
The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 October 2005 or 31 October 2004 but is
derived from those accounts. Statutory accounts for 2004 have been delivered
to the Registrar of Companies, and those for 2005 will be delivered following
the Company's Annual General Meeting. The auditors have reported on those
accounts; their reports were unqualified and did not contain statements under
s237(2) or s237(3) of the Companies Act 1985.
The financial information has been prepared in accordance with the accounting
policies adopted for the 2004 accounts.
Insurance Claim
Following the manufacturing incident at Kilgore Flares Company LLC on 18 April
2001, resulting in material damage and suspension of operations, the Group
lodged a claim with its insurers for property damage and business
interruption. As previously reported, at 31 October 2004, payments totalling �
10,756,000 had been received from the Group's insurers.
The Group is now pursuing a claim against its former insurance brokers,
concerning the insurance cover for Kilgore Flares Company LLC and the brokers'
subsequent handling of the claim. During the year the Group incurred costs of
�147,000 in relation to the claim, which were written off.
The balance of the claim that had not been recovered from the Group's insurance
brokers at the year end was �2,796,000 (2004: �2,689,000), which has been
included within other debtors. Foreign exchange movements of �107,000 have
been recognised through the statement of total recognised gains and losses in
these financial statements, due to the claim being denominated in US dollars.
Earnings per Ordinary Share
The earnings and shares used in the calculations are as follows:
2005 2004
Ordinary Ordinary
shares shares
Earnings Number EPS Earnings Number EPS
As
restated
�000 000s Pence �000 000s Pence
Basic 9,275 29,075 31.90 9,504 28,521 33.32
Additional shares issuable
other than at
fair value in respect of
options outstanding - 125 (0.14) - 160 (0.18)
Diluted 9,275 29,200 31.76 9,504 28,681 33.14
Earnings comprise profit for the financial year after deducting preference
dividends of �4,000 (2004: �4,000). Ordinary shares are calculated by
reference to the average number of shares in issue in the year.
Reconciliation from basic earnings per share to basic earnings per share -
before impairment of goodwill:
2005 2004
Ordinary Ordinary
shares shares
Earnings Number EPS Earnings Number EPS
�000 000s Pence �000 000s Pence
Basic 9,275 29,075 31.90 9,504 28,521 33.32
Impairment of goodwill 3,000 - 10.32 - - -
Basic - before impairment 12,275 29,075 42.22 9,504 28,521 33.32
of goodwill
Dividend
Subject to shareholder approval, the final dividend of 7.30p per ordinary share
will be paid on 5 May 2006 to all shareholders registered at the close of
business on 24 February 2006. The ex-dividend date will be 22 February 2006.
The total dividend for the year will be 10.50p (2004: 9.00p).
2005 Financial Statements
The financial statements for the year ended 31 October 2005 will be posted to
shareholders on 20 February 2006 and will also be available from that date at
the registered office, 1650 Parkway, Whiteley, Fareham, Hampshire PO15 7AH.
END
Chemring (LSE:CHG)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Chemring (LSE:CHG)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024
