Chemring Group PLC Trading Update (7865P)
05 9월 2017 - 3:00PM
UK Regulatory
TIDMCHG
RNS Number : 7865P
Chemring Group PLC
05 September 2017
FOR IMMEDIATE RELEASE 5 SEPTEMBER 2017
CHEMRING GROUP PLC
TRADING UPDATE
Chemring Group PLC ("Chemring" or "the Group") today issues a
trading update for the four month period from 1 May to 31 August
2017.
Current trading
Revenue in the period was GBP156.7 million, an increase of 13.4%
compared with GBP138.2 million in the same period last year.
Trading in the period has progressed as planned and the Board's
current expectations for the year ending 31 October 2017 remain
unchanged.
The Group's order book at 31 August 2017 was GBP541.8 million,
2.6% lower than the order book of GBP556.2 million at 30 April
2017. Recent orders received, for delivery in FY18, give us
increased confidence in the Group's prospects in the near term.
Segmental update
The period has seen a particularly strong performance from the
countermeasures segment, with orders totalling GBP56.6 million
received, operational performance improving and the second
Philadelphia plant successfully closed. The majority of these
orders were from the US Government for a range of requirements.
In Sensors, trials of enhanced Husky Mounted Detection Systems
have been successfully completed in theatre and we are currently
working with the customer base to define the next phase of fleet
refurbishment and upgrade and next generation development
requirements.
Performance across the entire Energetics segment has been robust
through the period. Of particular note, Chemring Ordnance has been
awarded a contract for the supply of 40mm ammunition to an
international customer, valued at approximately US$30.0 million.
The Group is currently awaiting the receipt of the cash advance
payment and associated export licences, which are expected shortly.
Subject to the receipt of this documentation, deliveries are
expected to be made in the final quarter. The associated revenue
and profit is assumed within our FY17 outlook comment above.
Financial position
Net debt at 31 August 2017 was GBP125.8 million (30 April 2017:
GBP111.7 million). As expected, the forecast phasing of trading in
FY17 results in a weighting of operating cash generation to Q4.
-ENDS-
For further information:
Rupert Pittman Group Director of Corporate Affairs, 01794
833901
Chemring Group PLC
Andrew Jaques MHP Communications 0203 128 8100
James White
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 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 05, 2017 02:00 ET (06:00 GMT)
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