TIDMCHG
RNS Number : 8965Y
Chemring Group PLC
14 September 2015
FOR IMMEDIATE RELEASE 14 SEPTEMBER 2015
CHEMRING GROUP PLC
TRADING UPDATE
Chemring Group PLC ("Chemring" or "the Group") today issues an
update on current trading and full year outlook. The Group's
current expectations for the full year are unchanged.
Current trading
Revenue in the four month period to 31 August 2015 was GBP119.0
million, an increase of 23.8% compared with GBP96.1 million in the
same period last year.
The Group's order book at 31 August 2015 was GBP592.1 million,
17.8% higher than the order book of GBP502.8 million at 30 April
2015. The increase results from the receipt of orders in excess of
GBP100.0 million relating to the supply of 40mm ammunition to the
Middle East.
Overall, the Group's operational performance continues to
improve, with delivery levels meeting expectations during the four
months to 31 August 2015. Furthermore, the new advanced
countermeasure highlighted in the 2014 Annual Report and Accounts
successfully completed customer acceptance tests in July 2015,
enabling profits associated with this development to be
recognised.
Negotiations for the supply of the Husky Mounted Detection
System ("HMDS") ground penetrating radar to a Middle East customer
have recently been substantively progressed. However, a major order
for the supply of 3d-Radar detection equipment into the Middle
East, originally expected to be received in the current financial
year, is now anticipated to be concluded in 2016.
On 23 June 2015, the Group announced details of an order for
non-standard ammunition from the US Government, which was expected
to be wholly fulfilled in the current financial year. Whilst formal
notification is yet to be received, Chemring understands that this
order will shortly be terminated for convenience by the US
Government.
The profits anticipated to be generated by Middle East orders
for the supply of Sensors & Electronics products and 40mm
ammunition should offset the impact of the termination of the
non-standard ammunition order. In addition to contributing to the
current financial year, the Middle East orders for 40mm ammunition
will contribute in future years.
Financial position
Net debt at 31 August 2015 was higher than at 30 April 2015,
principally as a result of increased inventories as product was
built-ahead in anticipation of activity to be completed by the year
end. The contract for non-standard ammunition that is now expected
to be terminated for convenience had been anticipated to contribute
a cash inflow in the current financial year and, as a result of
this contract not progressing, net debt at 31 October 2015 is
expected to be in the range of GBP150-GBP160 million.
The Group's final results are due to be released on 21 January
2016 and a post close statement will be issued during November
2015.
-ENDS-
For further information:
Michael Flowers Group Chief Executive, Chemring Group PLC 01794 833901
Steve Bowers Group Finance Director, Chemring Group PLC 01794 833901
Rupert Pittman Group Director of Communications and 01794 833901
Investor Relations, Chemring Group PLC
James White MHP Communications 0203 128 8100
Cautionary statement
This announcement contains unaudited information based on
management accounts and 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 global business that specialises in the
manufacture of high technology products and services to the
aerospace, defence and security markets
-- Employing approximately 3,000 people worldwide, and with
production facilities in four countries, Chemring meets the needs
of customers in more than fifty countries worldwide
-- Chemring is now organised under three strategic product
segments: Countermeasures, Sensors & Electronics, and Energetic
Systems
-- Chemring has a diverse portfolio of products that deliver
high reliability solutions to protect people, platforms, mission
and information against constantly changing threats
-- Operating in niche markets and with strong investment in
research and development, Chemring has the agility to rapidly react
to urgent customer needs
www.chemring.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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