Please be advised that this announcement replaces the one made earlier this morning
under reference number PRNUK-2201071850-240E at 07:01hrs. The earlier announcement contained
corrupted text. This replacement has been issued to facilitate display on third party
vendor screens.
FOR IMMEDIATE RELEASE 23 JANUARY 2007
CHEMRING GROUP PLC
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 OCTOBER 2006
Results
- Revenue from continuing operations �187.7 million (2005: �121.0
million), up 55%
- Profit before tax from continuing operations �31.8 million (2005:
�19.2 million), up 66%
- Basic earnings per ordinary share from continuing operations
70.33p (2005: 46.63p), up 51%
- Dividend per ordinary share 16.00p (2005: 10.50p), up 52%
- Basic earnings per ordinary share 44.33p (2005: 30.16p), up 47%
Highlights
- Excellent performance from all three Countermeasures businesses - total
profits up 37% and record levels of production achieved
- Strong performance by acquired Energetics companies - revenue more than
doubled to �69.3 million
- Increase in total Group operating margins to 20% - second half Energetics
margin also up to 20%
- Year end order book up 75% - current order book at record high of �246.0
million
- Strong operational cash flow of �45.6 million (2005: �21.1 million)
- Divestment of Marine division substantially complete
Commenting on the results, Ken Scobie, Chemring Group Chairman,
said: "2006 has been a year of dynamic progress and outstanding performance,
as anticipated in my closing comments in last year's annual report. Operating
profit and profit before tax both increased by over 65% to �37.8 million
(2005: �22.9 million) and �31.8 million (2005: �19.2 million) respectively,
with basic earnings per share (on continuing operations) on the enlarged share
capital following the vendor placing in March 2006 rising by 51% to 70.33p
(2005: 46.63p). In view of the excellent performance of the Group this year,
the Board is recommending a final dividend of 11.20p per ordinary share, a 53%
increase on the final dividend for 2005.
Both the Countermeasures and Energetics divisions contributed
strongly in the year, and there was a welcome improvement in Energetics'
margins which increased to 15% (2005: 8%).
Our acquisitions completed in the latter part of 2005 and during
2006 - Nobel Energetics in Scotland, Comet in Germany, Technical Ordnance in
the US and Leafield Engineering in England - all contributed as anticipated.
In 2007 we will enjoy a full year's profits from the businesses acquired in
2006.
In last year's annual report I outlined the Board's strategy of
concentrating on our two divisions of Countermeasures and Energetics. This
strategy remains unchanged. In Countermeasures we are capitalising on our
industry strengths, developing new decoys and new military uses for our
specialised pyrophoric material, and investing in plant, equipment and new
production processes to reduce manufacturing costs and improve quality. In
Energetics we continue our search for suitable acquisitions to make us a
consolidating force in a fragmented industry.
In the year under review basic earnings per share from the
continuing operations increased by 51% to 70.33p, the share price reached over
�16 from �6.60, and the Group was admitted to the FTSE 250 Index. Whilst it
would be unrealistic to believe that such outstanding performance could be
repeated continuously in the longer term, the Board believes that with the
current record order book, a full twelve months' earnings from each of the
companies now in the Group, and the opportunities for our product range at a
time of political and military uncertainty, not just in the Middle East,
further significant growth is achievable in 2007."
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 2006
Results
Revenue from continuing operations increased 33% to �160.4 million
(2005: �121.0 million). Net operating profits from continuing operations
increased 46% to �33.4 million (2005: �22.9 million). Net operating margins
from continuing operations were 21% (2005: 19%).
Revenue from acquired businesses was �27.3 million and �4.3 million
of operating profit was generated at a margin of 16%.
Total revenue was �187.7 million (2005: �121.0 million), an
increase of 55%. Total operating profit was �37.8 million (2005: �22.9
million), an increase of 65%.
An analysis of total revenue and operating profit by business
segment is set out below:
Operating Operating
profit profit
Revenue 2006 Revenue 2005
�m �m
Segment �m Margin �m Margin
Countermeasures 118.4 33.9 29% 90.8 24.8 27%
Energetics 69.3 10.4 15% 30.2 2.3 8%
Amortisation of
acquired
intangibles - (0.8) - (0.1)
Share-based
payments - (2.2) - (0.9)
Unallocated head
office costs - (3.5) - (3.2)
Total 187.7 37.8 20% 121.0 22.9 19%
The revenue of the Countermeasures division grew 30% and the
operating profit grew 37%. The revenue of the Energetics division grew 129%
and the operating profit grew nearly five times.
The interest charge for the year was �6.1 million (2005: �3.8
million). Interest was covered 6.2 times (2005: 6.0 times) by operating
profits.
Profit before tax was �31.8 million (2005: �19.2 million), an
increase of 66%. The tax charge of �9.9 million (2005: �5.7 million)
represents a rate of 31% (2005: 29%) on profits. Profit after tax was �21.9
million (2005: �13.6 million), an increase of 61%.
Operations
Countermeasures
- Orders: �173.7 million -->up 87%
- Revenue: �118.4 million -->up 30%
- Operating profit: �33.9 million -->up 37%
- Operating margin: 29% (2005: 27%)
The global expendable countermeasures market continued to grow in
2006 and now stands at about �215 million, an increase over the year of nearly
20%. The turnover of the Countermeasures division grew by 30% year-on-year,
increasing our market share to over 55%. However, our order intake during the
year increased significantly more (up 87%) during the year, with sales limited
by the speed with which increased production capacity and new products could
be safely introduced. The strong demand for our decoys has continued to be
driven principally by the threat from shoulder-launched missiles to the
helicopters and transport aircraft used in peacekeeping operations by the US,
UK and other coalition forces in Iraq and Afghanistan.
Alloy Surfaces had another excellent year, generating $114.6
million of sales, with strong demand for its special material decoys,
particularly for the protection of US Army helicopters. The ramp-up of
production capacity, by extending plant two by 18,000 ft2 and building a third
production facility of 40,000 ft2, was delivered to schedule. The monthly
production target of 60,000 M211 decoys was achieved in September, in line
with the customer's requirements. With a total of $108 million of orders for
the M211 decoy from the US Army alone, order cover is already in place for
production at this rate throughout 2007 and 2008.
Kilgore performed exceptionally well in 2006, achieving consistent
high volume production with daily production rates regularly 100% above that
achieved in the previous year. Record volumes of nearly 1.9 million M206 and
MJU-7A/B decoy flares were produced and delivered to the US Air Force
customer. A strong focus was also placed on process improvements during the
year and this provided a considerable improvement in the margin achieved.
Chemring Countermeasures, our UK business, also had an excellent
year, with strong demand for its latest airborne decoy products to support UK
operations in Afghanistan. A series of orders for aerodynamic and dual
spectral flares have been placed by the UK Ministry of Defence over the last
twelve months. Production start-up of the aerodynamic flares was achieved
rapidly and consistent volume production continues to take place. Development
and qualification of the spectral flare took place during the first half of
the year and production ramp-up towards 20,000 units per month is underway. A
new spectral flare production facility is nearing completion, to provide the
additional production capacity needed to meet the rapid growth in volumes
demanded by the customer.
The market outlook for our Countermeasures businesses continues to
be positive. Over the next three years, we believe that the global market will
expand by around 12% each year. The short term growth is driven by a number of
major factors. The peacekeeping activities in Afghanistan have grown in
importance over the last twelve months and senior UK and US military have
consistently indicated the long term nature of the deployment. Both the US and
the UK are considering further increases in the number of troops deployed. The
UK has recently increased the number of helicopters used in operations and its
demand for decoys has continued to grow strongly.
Energetics
- Orders: �95.2 million -->up 222%
- Revenue: �69.3 million --> up 129%
- Operating profit: �10.4 million -->up 352%
- Operating margin: 15% (2005: 8%)
During 2006, the Group successfully acquired four new companies in
the Energetics sector. All of these companies have made a positive start and,
together with Nobel Energetics, acquired in September 2005, contributed
excellent profits and cash flow.
The profitability of the enlarged Energetics division grew to �10.4
million, a very satisfying result, which represents a 15% operating margin for
the year. However, the second half of the year, bolstered by the presence of
the new higher margin acquisitions, generated an impressive operating margin
of 20%, and provided a better insight into the future profitability expected
from this division.
PW Defence had a strong year and continued to develop its product
range to meet the current market conditions. A multi-spectral hand thrown
screening smoke for use in urban environments was developed during the year,
and a substantial order for the product was received from a NATO country. A
novel composition for IR illumination ("blacklight") was also developed, and
this is now being used by another NATO country. The business also had a major
international success by securing a substantial prime contract from a Middle
Eastern country to supply an extensive range of third party military products
over the next three years.
Record sales levels were achieved at Nobel Energetics, driven by
strong demand for metron actuators, detonators, propellants and rocket motors.
Sales of actuators grew by 35%, driven by demand from fire suppression
systems, cash security and automotive bonnet release systems. There was also
strong demand (up 20%) for ejector seat propellant from Martin Baker. The
business completed development of the rocket motor for the NLAW missile and
started to build-up volume production.
Kilgore made good progress on several of its key energetic product
programmes. The redesign of the Mk58 marine location marker was completed,
with successful flight qualification trials on both helicopter and F/A-18
platforms. The US Air Force placed a record production order and volume
production of nearly 19,000 markers (worth $6 million) is now underway. The
development of a new air-launched illumination flare was also completed during
the year. A new ignition train is now being fitted to improve its insensitive
munitions (IM) performance and qualification on several aircraft platforms
will take place in early 2007.
Comet also had a good year, with strong interest shown in both its
mine clearance and battlefield simulation products. France, Spain and
Australia placed orders for the PEMBS mine clearance system, and the UK
Ministry of Defence selected the system for its next generation Dismounted
Counter-Mine Capability (DCMC). The US Army placed a five year contract for
the MECS battlefield simulation ammunition, and strategic partnerships have
been signed with several US/European training prime contractors for the supply
of micro/macro pyrotechnic devices for urban warfare and IED training systems.
Technical Ordnance performed extremely well during its first seven
months under our new ownership. Over 7.7 million impulse cartridges were
manufactured for the US Air Force, its principal customer. Detonator and
booster pellets were also manufactured in very large quantities for assembly
into munition fuzing systems manufactured by ATK, KDI and Kaman Aerospace.
Access to the Group's global sales network also brought a major success, with
the award of an important prime contract from another substantial Middle East
customer.
In September, we announced the acquisition of B.D.L. Systems
Limited, an explosive ordnance disposal (EOD) company located in Poole, UK.
BDL is a world leader in RF initiation products, and has just completed a
number of upgrades to its mini-RABS system used globally for military
engineering/demolition purposes. New secure coding techniques and secure
firing mechanisms have been incorporated. BDL has also secured a number of key
prime contracts for EOD equipment, including the supply and support of a wide
range of equipment for both the Iraqi forces (through the US programme office)
and an important customer in the Far East.
Energetics can be sub-divided into munitions, EOD and pyrotechnic
segments. The global market for energetic materials used in munitions is
substantial, amounting to some �2 billion each year. At present, our
activities amount to only �15 million of sales per annum, and there are
significant opportunities to expand our product range of primers, detonators,
propellants, tracers and pyrotechnic payloads. The combined capabilities of
our two acquired businesses, Nobel Energetics and Leafield Engineering, have
significantly enhanced our capabilities in this area, and our planned product
investment will extend our range of products and provide opportunities to
penetrate the market further. In addition, the combined capabilities of
Technical Ordnance and Kilgore have given us a similar capability in the US
and tremendous opportunity for the cross-transfer of products and technology.
Strategy
The Group strategy remains focused on our two core sectors of
operations, Countermeasures and Energetics.
The core strategy for the Countermeasures business is to maintain
and improve our market share, and carefully exploit the continuing market
growth over the next few years. We intend to increase our investment in new
products and to build on our leadership in both special material and spectral
decoys. We also intend to invest in new automated production facilities, to
drive further manufacturing efficiencies and to maintain our lead role in the
development of new products for the next generation of fixed wing and rotary
aircraft.
We intend to continue the expansion of our Energetics division,
with new acquisitions in both the US and Europe. We will focus on becoming a
key supplier of energetic materials to the major prime contractors for
munitions. We intend to build on our expertise in explosive ordnance disposal
(EOD) and develop the capability to become a specialist prime contractor. We
also plan to invest in new products to expand our pyrotechnic business and
develop clear leadership in both the detonator and cartridge activated device
markets.
The Board of Directors and Senior Executive Management
During the year we were delighted to welcome The Rt Hon Lord
Freeman to the Board. Roger Freeman has a wealth of experience, having enjoyed
senior roles in the financial and defence industry sectors, and was formerly a
Government minister in the Ministry of Defence. He has assumed the position of
Chairman of the Audit Committee.
We also appointed two senior executives to strengthen our
operational management during the year. Mike Helme joined the Group in January
2006 as Managing Director of the Energetics division, outside of the US, and
Dan McKenrick, a US national, joined us in September 2006 as President of our
US operations.
Acquisitions
During the year the Group acquired the following businesses:
Date Consideration
acquired (including costs)
�m
Comet GmbH 30 Nov 2005 7.2
Leafield Engineering Ltd 31 Jan 2006 5.2
Technical Ordnance, Inc. 13 Mar 2006 42.6
B.D.L. Systems Ltd 30 Sep 2006 10.2
Total consideration 65.2
Of the total consideration, �39.0 million was funded by the draw
down of medium term debt, with the balance of �26.2 million funded by a vendor
placing.
A summary of the fair value of assets acquired and the goodwill
arising on acquisition is as follows:
�m
Intangible assets 9.2
Fixed assets 5.3
Working capital 9.3
Tax (1.3)
Cash 1.8
Fair value of assets acquired 24.3
Consideration (including costs) 65.2
Goodwill arising 40.9
Research and Development
Research and development expenditure totalled �5.3 million (2005:
�4.2 million), an analysis of which is set out below:
2006 2005
�m �m
Customer funded research and development 2.1 2.5
Internally funded research and development 2.5 1.4
Capitalised development costs 0.7 0.3
Total research and development expenditure 5.3 4.2
The Group's policy is to write-off capitalised development costs
over a three year period. Amortisation of development costs was �0.4 million
(2005: �0.2 million).
Pensions
The Group's pension deficit before associated tax credits, as
defined by IAS19 Accounting for pension costs, was �16.3 million (2005: �20.2
million) a decrease of 19%. The two UK final salary schemes are currently
undergoing their triennial actuarial valuations, with results expected to be
finalised in the first half of 2007.
Cash Flow
Operating cash flow was �45.6 million (2005: �21.1 million), which
represents a conversion rate of operating profit to operating cash of 121%
(2005: 92%). Working capital balances were well controlled in the year and
were kept below increases in Group revenues.
Group fixed asset expenditure was �11.9 million (2005: �8.0
million). The principal expenditure was in support of Alloy Surfaces' second
and third facilities, and a large flare facility at Kilgore Flares.
A summary of Group cash flow is set out below:
�m
Operating cash 45.6
Capital expenditure (11.9)
Tax (10.6)
Free cash flow 23.1
Interest (5.3)
Dividends (3.7)
Net cash inflow before acquisitions and 14.1
disposals
Net Debt
Net debt movements are summarised below:
�m
Opening net debt (52.8)
Net cash inflow before acquisitions and 14.1
disposals
Acquisitions and disposals (net of share (34.1)
placings)
Foreign exchange movements 2.2
Closing net debt (70.6)
Gearing at the year end was 75% (2005: 93%).
Dividends
The Board is recommending a final dividend of 11.20p per ordinary
share, a 53% increase on the final dividend for 2005. This, together with the
interim dividend of 4.80p paid in August 2006, gives a total dividend for the
year of 16.00p, a 52% increase over 2005. The dividend is over four times
covered on net profits of the continuing operations. The shares will be marked
"ex dividend" on 28 March 2007 and the dividend is payable on 20 April 2007 to
shareholders on the register at the close of business on 30 March 2007.
Discontinued Operations
The results of the discontinued operations represent those of the
Marine division. In June 2006 the Lights business of McMurdo was sold, and in
December 2006, a conditional agreement was entered into to sell McMurdo's
Electronics business to Signature Industries Limited. The agreement provides
for an earn out of up to �1.5 million, if certain sales targets are achieved.
The earn out proceeds will be cash accounted for as the proceeds are received.
ICS Electronics remained unsold at the year end, and a decision was taken to
fully impair the goodwill associated with this company, leaving net assets of
approximately �0.1 million.
A summary of the results of the discontinued operations follows:
2006 2005
�m �m
Revenue 11.3 11.5
Pre-tax loss (8.9) (5.6)
Tax 0.8 0.8
Post-tax loss (8.1) (4.8)
The pre-tax loss includes �1.0 million of trading losses (2005:
�2.6 million), and �7.9 million of impairment and loss on disposal charges
(2005: �3.0 million).
The net carrying value of the discontinued operations is �4.2
million (2005: �12.9 million), which is disclosed under assets for sale.
Approximately �2.8 million is collectable when the sale to Signature
Industries Limited completes, anticipated in Spring 2007, with the balance
receivable from collection of working capital balances.
Prospects
In the year under review basic earnings per share from continuing
operations increased by 51% to 70.33p, the share price reached over �16 from
�6.60, and the Group was admitted to the FTSE 250 Index. Whilst it would be
unrealistic to believe that such outstanding performance could be repeated
continuously in the longer term, the Board believes that with the current
record order book, a full twelve months' earnings from each of the companies
now in the Group, and the opportunities for our product range at a time of
political and military uncertainty, not just in the Middle East, further
significant growth is achievable in 2007.
CHEMRING GROUP PLC
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 OCTOBER 2006
SUMMARY FINANCIAL INFORMATION
Continuing Operations IFRS IFRS UK GAAP
2006 2005 2004
�000 �000 �000
Revenue
Countermeasures total 118,384 90,768 78,724
Energetics -continuing operations 42,058 30,195 31,360
-acquired 27,291 - -
Energetics total 69,349 30,195 31,360
Total revenue 187,733 120,963 110,084
Operating profit
-continuing operations 33,433 22,908 16,927
-acquired 4,346 - -
Total operating profit 37,779 22,908 16,927
Profit before tax 31,760 19,216 13,315
Dividend per ordinary share 16.00p 10.50p 9.00p
Basic earnings per ordinary share 70.33p 46.63p 33.32p
Diluted earnings per ordinary share 69.87p 46.39p 33.14p
Net debt (�000) 70,554 52,774 30,008
Shareholders' funds (�000) 94,104 56,850 63,559
CONSOLIDATED INCOME STATEMENT
for the year ended 31 October 2006
2006 2005
Note �000 �000
Continuing operations
Revenue -continuing 160,442 120,963
-acquired 27,291 -
187,733 120,963
Total revenue
Operating profit -continuing 33,433 22,908
-acquired 4,346 -
Total operating profit 37,779 22,908
Share of post-tax results of associate 84 130
Finance expense (6,103) (3,822)
Profit before tax for the year from continuing 31,760 19,216
operations
Tax (9,873) (5,657)
Profit after tax for the year from continuing 21,887 13,559
operations
Discontinued operations
Loss after tax from discontinued operations (8,090) (4,790)
Profit after tax for the year 13,797 8,769
Attributable to: Equity holders of the parent 13,795 8,756
Minority interests 2 13
Earnings per ordinary share
From continuing operations:
Basic 2 70.33p 46.63p
Diluted 2 69.87p 46.39p
From continuing and discontinued operations:
Basic 2 44.33p 30.16p
Diluted 2 44.04p 29.99p
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
for the year ended 31 October 2006
2006 2005
�000 �000
Gains on cash flow hedges 340 -
Movement on deferred tax relating to cash (98) -
flow hedges
Exchange differences on translation of (5,230) 67
foreign operations
Actuarial gains/(losses) on defined 4,685 (4,074)
benefit pension schemes
Movement on deferred tax relating to (1,406) 1,222
pension schemes
Tax on items taken directly to equity 1,868 119
Net income/(expense) recognised directly 159 (2,666)
in equity
Profit after tax for the year 13,797 8,769
Total recognised income and expense for 13,956 6,103
the year
Attributable to:
Equity holders of the parent 13,954 6,090
Minority interests 2 13
CONSOLIDATED BALANCE SHEET
as at 31 October 2006
�000 2006 �000 2005
�000 �000
Non-current assets
Goodwill 72,664 34,680
Other intangible assets 11,863 3,470
Property, plant and equipment 57,681 50,698
Investments 1,033 1,068
Deferred tax 9,649 7,440
152,890 97,356
Current assets
Inventories 36,252 27,821
Trade and other receivables 39,015 27,168
Cash and cash equivalents 13,411 7,774
Derivative financial instruments 178 -
88,856 62,763
Assets held for sale 6,516 14,646
Total assets 248,262 174,765
Current liabilities
Bank loans and overdrafts (11,523) (12,701)
Obligations under finance leases (435) (925)
Trade and other payables (39,538) (24,899)
Provisions (286) (170)
Current tax liabilities (1,928) (1,150)
Liabilities held for sale (2,338) (1,776)
(56,048) (41,621)
Non-current liabilities
Bank loans (71,698) (46,320)
Obligations under finance leases (309) (602)
Other payables (210) (163)
Deferred tax (9,486) (8,958)
Preference shares (62) (62)
Retirement benefit obligations (16,345) (20,189)
(98,110) (76,294)
Total liabilities (154,158) (117,915)
Net assets 94,104 56,850
Equity
Share capital 1,612 1,459
Share premium account 53,540 27,274
Special capital reserve 12,939 12,939
Hedging reserve 230 -
Revaluation reserve 1,604 1,640
Retained earnings 23,900 13,261
Equity attributable to equity 93,825 56,573
holders of the parent
Minority interest 279 277
Total equity 94,104 56,850
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2006
2006 2005
�000 �000
Note
Cash flows from operating activities
Cash generated from operations A 45,629 21,141
Tax paid (10,588) (7,612)
35,041 13,529
Net cash inflow from operating
activities
Cash flows from investing activities
Dividends received from associate 107 108
Purchases of property, plant and (10,148) (6,898)
equipment
Purchases of intangible assets (1,798) (1,063)
Proceeds on disposal of subsidiary 2,570 242
undertaking/division
Proceeds on disposal of property, plant 98 8
and equipment
Acquisition of subsidiaries (net of (62,808) (22,009)
cash acquired)
Net cash outflow from investing
activities (71,979) (29,612)
Cash flows from financing activities
Dividends paid (3,695) (2,736)
Interest paid (5,261) (3,237)
Proceeds on issue of shares 26,419 572
New borrowings 38,112 30,097
Repayment of borrowings (5,983) (4,130)
Net cash inflow from financing 49,592 20,566
activities
Increase in cash and cash equivalents 12,654 4,483
during the year
Cash and cash equivalents at start of (2,970) (7,530)
the year
Effect of foreign exchange rate changes (689) 77
Cash and cash equivalents at end of the 8,995 (2,970)
year
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2006
2006 2005
A. Cash generated from operations �000 �000
Operating profit from continuing operations 33,433 22,908
Operating profit from acquired operations 4,346 -
Operating loss from discontinued operations (646) (2,557)
Loss on disposal/impairment of discontinued (7,970) (3,000)
operations
Adjustment for:
Depreciation of property, plant and equipment 5,776 4,103
Amortisation of intangible assets 2,044 1,678
Impairment of goodwill 4,890 3,000
Impairment of intangible assets 782 -
Difference between pension contributions paid (939) (875)
and amount recognised in income statement
Profit on disposal of property, plant and - 8
equipment
Decrease in provisions (170) (456)
Operating cash flows before movements in 41,546 24,809
working capital
Increase in inventories (1,362) (5,696)
Increase in trade and other receivables (693) (1,073)
Increase in trade and other payables 6,138 3,101
Cash generated from operations 45,629 21,141
Reconciliation of net cash flow to movement
in net debt
Increase in cash and cash equivalents during 12,654 4,483
the year
Cash inflow from increase in debt and lease (32,129) (25,967)
financing
Change in net debt resulting from cash flows (19,475) (21,484)
New finance leases (247) (103)
Translation difference 2,252 (1,109)
Amortisation of debt finance costs (310) (70)
Movement in net debt in the year (17,780) (22,766)
Net debt at start of the year (52,774) (30,008)
Net debt at end of the year (70,554) (52,774)
Analysis of net debt
As at Cash Non-cash Exchange As at
1 Nov 2005 flow changes movement 31 Oct 2006
�000 �000 �000 �000 �000
Cash at bank and in 7,774 6,119 - (482) 13,411
hand
Overdrafts (10,744) 6,535 - (207) (4,416)
(2,970) 12,654 - (689) 8,995
Debt due within one (1,957) 5,104 (10,469) 215 (7,107)
year
Debt due after one year (46,320) (38,112) 10,159 2,575 (71,698)
Finance leases (1,527) 879 (247) 151 (744)
(52,774) (19,475) (557) 2,252 (70,554)
Notes
1. Accounts and Auditors' Report
The financial information set out above does not constitute the
Company's statutory accounts for the year ended 31 October 2006 or 31 October
2005 but is derived from those accounts. Statutory accounts for 2005 have been
delivered to the Registrar of Companies, and those for 2006 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 preliminary announcement has been prepared on the basis of the
accounting policies as stated in the financial statements for the year ended
31 October 2006.
Whilst the financial information included in this preliminary
announcement has been computed in accordance with International Financial
Reporting Standards (IFRSs), this announcement does not itself contain
sufficient information to comply with IFRSs. The Company expects to publish
full financial statements that comply with IFRSs on 20 February 2007 (see Note
4 below).
2. Earnings per Ordinary Share
The earnings and shares used in the calculations are as follows:
From continuing and discontinued
operations
2006 2005
Ordinary EPS Earnings Ordinary EPS
shares shares
Earnings Number Number
�000 000s Pence �000 000s Pence
Basic EPS from continuing 21,887 31,119 70.33 13,559 29,075 46.63
operations
Basic EPS from discontinued (8,090) - (26.00) (4,790) - (16.47)
operations
Basic EPS 13,797 31,119 44.33 8,769 29,075 30.16
Diluted EPS from continuing 21,887 31,323 69.87 13,559 29,200 46.39
operations
Diluted EPS from discontinued (8,090) - (25.83) (4,790) - (16.40)
operations
Diluted EPS 13,797 31,323 44.04 8,769 29,200 29.99
Ordinary shares are calculated by reference to the weighted average number of
shares in issue in the year.
3. Dividend
The final dividend of 11.20p per ordinary share will be paid on 20
April 2007 to all shareholders registered at the close of business on 30 March
2007. The ex-dividend date will be 28 March 2007. The total dividend for the
year will be 16.00p (2005: 10.50p). The final dividend is subject to approval
by the shareholders at the Annual General Meeting, and accordingly, has not
been included as a liability in the financial statements for the year ended 31
October 2006.
4. 2006 Financial Statements
The financial statements for the year ended 31 October 2006 will be
posted to shareholders on 20 February 2007 and will also be available from
that date at the registered office, Chemring House, 1500 Parkway, Whiteley,
Fareham, Hampshire PO15 7AF.
END
Chemring (LSE:CHG)
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Chemring (LSE:CHG)
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