TIDMCHG
RNS Number : 4431Y
Chemring Group PLC
01 March 2012
FOR IMMEDIATE RELEASE 1 MARCH 2012
CHEMRING GROUP PLC
INTERIM MANAGEMENT STATEMENT
Chemring Group PLC ("Chemring" or "the Group") today issues its
Interim Management Statement covering the period from 1 November
2011 to date, as required by Rule 4.3 of the Disclosure and
Transparency Rules of the UK Listing Authority.
Current Trading
Revenue during the first three month period was GBP137 million
(2011: GBP136 million), in line with the Board's expectations.
Strong growth was generated in our munitions and countermeasure
businesses, offset by reductions in our counter-IED and
pyrotechnics divisions. 72% of the expected revenue for 2012 is now
covered by firm orders.
The Group's order book is currently at a record high of GBP997
million, 6% higher than last year, reflecting the good growth in
orders for pyrotechnics and munitions, which has been offset by
delays in order intake from the US. As expected, the order book at
NIITEK is currently GBP50 million lower than last year, due to the
extended timescales for the negotiation of the multi-year contract
for spares and support for the existing Husky Mounted Detection
System ("HMDS") fleet.
Countermeasures
Our countermeasures business showed good growth, with revenue
17% higher than for the same period last year. Strong growth was
achieved at Kilgore, with revenue up 63%, despite a delayed start
to production in the new facility for MJU-7 flares, which are used
to protect F-16 aircraft. This was offset by lower revenue at our
UK facility in Salisbury, where production of new naval rounds has
continued to be delayed by technical issues with the payload
manufacture.
Munitions
Our munitions business increased its revenue by 56% compared
with last year, with good growth from Simmel, Mecar and Chemring
Australia. The majority of the munitions sales were to non-NATO
countries.
Counter-IED
Revenue from our counter-IED business was 37% lower than for the
same period last year, reflecting a temporary pause in demand for
systems, spares and support for the HMDS from the US Department of
Defense. After completion of the two major systems delivery
contracts in 2011, final negotiations are now underway for the
multi-year contract to support, upgrade and replace over 240
systems currently in service. The contract award is expected by the
end of April 2012.
Pyrotechnics
Revenue in our pyrotechnics business reduced by 16% compared
with last year, principally
reflecting the timing of contracts for our 81mm illumination
mortar rounds, which are used by the British Army. A new contract,
worth EUR38 million, covering production over the 2012 to 2014
timeframe was received in January 2012, and deliveries will
commence in the second quarter.
Current Financial Position
The Group's net debt at the end of January 2012 stood at GBP317
million (January 2011: GBP342 million). The net debt is expected to
be lower by the half year.
Board of Directors
The Board also announces that Paul Rayner will step down from
the Board no later than 31 July 2012. Mr Rayner has been with the
Group since 1994 and has been Finance Director since 1999. A search
is underway for his successor.
For further information:
Chief Executive, Chemring Group
Dr David Price PLC 0207 930 0777
Finance Director, Chemring Group
Paul Rayner PLC 0207 930 0777
Director of Communications and
Investor Relations, Chemring
Rupert Pittman Group PLC 07976 249289
Anthony Cardew/
Lauren Foster Cardew Group 0207 930 0777
Cautionary Statement:
This announcement contains forward-looking statements that are
based on current expectations or beliefs, as well as assumptions
about future events. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements often use words such
as anticipate, target, expect, estimate, intend, plan, goal,
believe, will, may, should, would, could, is confident, or other
words of similar meaning. Undue reliance should not be placed on
any such statements because they speak only as at the date of this
document and, by their very nature, they are subject to known and
unknown risks and uncertainties and can be affected by other
factors that could cause actual results, and Chemring's plans and
objectives, to differ materially from those expressed or implied in
the forward-looking statements.
There are a number of factors which could cause actual results
to differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are; increased competition, the loss of
or damage to one or more key customer relationships, changes to
customer ordering patterns, delays in obtaining customer approvals
for engineering or price level changes, the failure of one or more
key suppliers, the outcome of business or industry restructuring,
the outcome of any litigation, changes in economic conditions,
currency fluctuations, changes in interest and tax rates, changes
in raw material or energy market prices, changes in laws,
regulations or regulatory policies, developments in legal or public
policy doctrines, technological developments, the failure to retain
key management, or the key timing and success of future acquisition
opportunities or major investment projects.
Chemring undertakes no obligation to revise or update any
forward-looking statement contained within this announcement,
regardless of whether those statements are affected as a result of
new information, future events or otherwise, save as required by
law and regulations.
Notes to Editors:
-- Chemring is a manufacturing business with facilities in eight
countries selling high technology electronics and energetic
products to over eighty countries worldwide.
-- The Company has a diverse portfolio of products protecting
military people and platforms against a constantly changing
threat.
-- Operating in high margin, niche markets with short product
development timescales, Chemring has the agility to rapidly react
to urgent customer needs.
-- Chemring adopts a balanced strategy of organic growth and
small bolt-on acquisitions, and maintains balanced geographic and
market profiles, with a growing presence in non-NATO countries.
-- Strong R&D investment for new products and improvements
in technology continually allows Chemring to expand its addressable
markets.
www.chemring.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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