TIDMCHG
RNS Number : 2017I
Chemring Group PLC
20 March 2018
20th March 2018
CHEMRING GROUP PLC ("Chemring", the "Group" or the
"Company")
AGM - Trading Update
Chemring Group today issues an update on current trading for the
year to date, to coincide with the Company's Annual General
Meeting.
Trading environment
The Group continues to see gradual recovery across all its
market segments, led primarily by the US. The latest US budget
should provide significant stability for US military spending.
Countermeasures
The Countermeasures segment continues to show signs of solid
recovery with increased activity across all its key markets. Order
intake in the period provides excellent short-term revenue coverage
for the current financial year and the multi-year nature of some
contracts provides good medium-term visibility.
Sensors
In Sensors, progress against the long-term US Programs of Record
continues to plan, with the Group maintaining its position on the
counter-IED, chemical and biological detection programmes. Key
milestone decisions are expected to be made by the US Government on
all three programmes during 2018. Our cyber security and technical
consulting business continues to develop positively in robust
market conditions.
Energetics
As previously outlined, with the completion earlier this year of
a major ammunition contract into the Middle East, trading in the
Energetics segment will, as expected, soften. Our focus remains on
mitigating this through operational improvements and in moving away
from short-term commodity products to longer-term contracting in
more niche product areas, such as our Norwegian high explosives
business, where trading continues to strengthen.
Balance sheet
The Group continues to invest in our key programmes and in
delivering operational excellence across the portfolio. This
investment is balanced with a disciplined approach to capital
allocation, where maintaining a robust balance sheet remains a key
priority.
Outlook
On a constant currency basis, the Board's expectations for
trading for the full year remain unchanged from guidance given at
the Group's full year results in January 2018. As previously
indicated, the inherent seasonality of Chemring's business will
mean that trading performance and cashflows will be weighted to the
second half.
Interim results for the six months ended 30 April 2018 will be
announced on 21 June 2018.
- ENDS -
For further information:
Rupert Pittman Group Director of Corporate Affairs, Chemring Group PLC +44 (0)1794 833901
James White MHP Communications +44 (0)20 3128 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 the provision of
services to the aerospace, defence and security markets
-- Employing approximately 2,700 people worldwide, and with
production facilities in four countries, Chemring meets the needs
of customers in more than fifty countries
-- Chemring is now organised under three strategic product
segments: Countermeasures, Sensors, and Energetics
-- 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, Chemring has the agility to rapidly react
to urgent customer needs
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 20, 2018 03:00 ET (07:00 GMT)
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