Chemring Group PLC Trading Update (2645Q)
11 10월 2013 - 3:00PM
UK Regulatory
TIDMCHG
RNS Number : 2645Q
Chemring Group PLC
11 October 2013
FOR IMMEDIATE RELEASE 11 OCTOBER 2013
CHEMRING GROUP PLC
TRADING UPDATE
Chemring Group PLC ("Chemring") announces that its UK
subsidiary, Chemring Countermeasures Ltd, has been awarded a
significant countermeasures contract from a Middle Eastern
customer. Revenue and profits associated with this contract will be
recognised in the current financial year, as previously
anticipated.
The US Government shut down that came into effect on 1 October
has resulted in the closure of a large number of Government
departments and associated activities. This included the Defense
Contract Management Agency ("DCMA"), the Government agency with
responsibility for inspecting and approving products for delivery
to the US Department of Defense ("US DoD"). While the majority of
the DCMA's civilian staff have now returned to work, other
Government departments remain closed and this continues to affect
Chemring's North American business. The full impact of the US
Government shut down is not yet known but it will impact the
October order intake and deliveries to the US DoD in the remaining
few weeks of the financial year.
Since the publication of the third quarter Interim Management
Statement in August, quality and production issues, particularly at
Kilgore, have continued, resulting in reduced revenue for this
financial year. In addition, the UKGBP:US$ exchange rate has moved
adversely, reducing the sterling value of profits generated in the
US.
The Board's current view is that these factors will impact this
financial year's operating profit by approximately GBP8
million.
Recent tensions in the Middle East have constrained the
availability of shipping to the region and this will have a short
term impact on cash receipts for certain munitions contracts until
the first quarter of FY14. However, we continue to closely manage
cash and working capital.
FY14 Outlook
At the interim results presentation in June, Chemring announced
that it was initiating a comprehensive planning process which would
give a better understanding of both the markets in which we operate
and our business strategy for the next three years. This is being
prepared in conjunction with a detailed budgeting exercise for
FY14. Early indications, given the continuing difficult market
conditions, are that FY14 performance is likely to be less than the
anticipated current year outturn. We will outline the initial
findings of this process in a post close trading statement, which
is expected to be released in November 2013.
-ENDS-
For further information:
Mark Papworth Group Chief Executive, Chemring Group PLC 01489 881880
Steve Bowers Group Finance Director, Chemring Group PLC 01489 881880
Rupert Pittman Group Director of Communications and
Investor Relations, Chemring Group PLC 01489 881880
Andrew Jaques MHP Communications 0203 128 8100
John Olsen
James White
Cautionary statement
This announcement is based on unaudited management accounts and
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 sixty countries worldwide.
-- The Company has a diverse portfolio of products protecting
military people and platforms against a constantly changing
threat.
-- Operating in niche markets with short product development
timescales, Chemring has the agility to rapidly react to urgent
customer needs.
-- 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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