TIDMCHG
RNS Number : 6528P
Chemring Group PLC
21 November 2016
FOR IMMEDIATE RELEASE 21 NOVEMBER 2016
CHEMRING GROUP PLC
POST-CLOSE STATEMENT
Chemring Group PLC ("Chemring" or "the Group") today provides
its post-close statement in respect of the year ended 31 October
2016.
FY16 trading
The Board expects the Group's trading performance for the year
to 31 October 2016 ("FY16") to be in line with market expectations,
with a slight upside resulting from foreign exchange gains.
Revenue in the final quarter of FY16 was approximately GBP188.0
million, an increase of 50.6% compared with GBP124.8 million in the
same period last year. Revenue for FY16 was approximately GBP477.0
million (2015: GBP377.3 million); on a constant currency basis this
figure would have been approximately GBP440.0 million.
The Group's order book at 31 October 2016 was approximately
GBP593.0 million (2015: GBP569.6 million). The weakening of
sterling, principally against the US dollar, accounts for
approximately GBP103.0 million of the growth in order book. On a
constant currency basis, the order book declined year on year
against a strong prior year period which contained all of the 40mm
ammunition contract.
Financial position
At 31 October 2016, net debt was approximately GBP88.0 million
(2015: GBP154.3 million). On a constant currency basis this figure
would have been approximately GBP65.0 million. The ratio of net
debt to underlying EBITDA is well within the Group's target range
of 1.00x to 1.50x.
Of the Group's GBP153.4 million outstanding US private placement
loan notes, GBP29.5 million will be repaid today from existing cash
resources. The remaining loan notes are scheduled to be repaid in
November 2017 (GBP55.4 million) and November 2019 (GBP68.5
million).
The Group's FY16 results are scheduled to be announced on 19
January 2017.
-ENDS-
For further information:
Michael Flowers Group Chief Executive, Chemring Group PLC 01794 833901
Andrew Davies Interim Finance Director, 01794 833901
Chemring Group PLC
Rupert Pittman Group Director of Corporate Affairs, 01794
833901
Chemring Group PLC
Andrew Jaques MHP Communications 020 3128 8100
John Olsen
James White
Notes to editors
-- Chemring is a global business that specialises in the
manufacture of high technology products and the provision of
services to the aerospace, defence and security markets
-- Employing approximately 2,500 people worldwide, and with
production facilities in four countries, Chemring meets the needs
of customers in more than fifty countries
-- Chemring is 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, missions
and information against constantly changing threats
-- Operating in niche markets and with strong investment in
research and development ("R&D"), Chemring has the agility to
rapidly react to urgent customer needs
www.chemring.co.uk
Cautionary statements
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.
No statement in this announcement is intended as a profit
forecast for FY16 and no statement in this announcement should be
interpreted to mean that underlying operating profit for the
current or future financial years would necessarily be above a
minimum level, or match or exceed the historical published
underlying operating profit or set a minimum level of underlying
operating profit.
Important notice
This announcement does not constitute or form part of, and
should not be construed as, any offer, invitation or recommendation
to purchase, sell or subscribe for any securities in any
jurisdiction and neither the issue of the information nor anything
contained herein shall form the basis of or be relied upon in
connection with, or act as an inducement to enter into, any
investment activity. This announcement and the information
contained herein do not constitute an offer of securities in the
United States. The securities referred to in this announcement have
not been and will not be registered under the U.S. Securities Act
of 1933, as amended (the "Securities Act"), and may not be offered
or sold in the United States absent registration under the
Securities Act or pursuant to an exemption from, or a transaction
not subject to, such registration requirements. The Group has not
registered and does not intend to register the offering of any
securities in the United States or to conduct a public offering of
any securities in the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 21, 2016 02:00 ET (07:00 GMT)
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