TIDMCHG
RNS Number : 0019E
Chemring Group PLC
03 November 2020
FOR IMMEDIATE RELEASE 3 NOVEMBER 2020
CHEMRING GROUP PLC ("Chemring", the "Group" or the
"Company")
CONTRACT AWARDS AND FINANCIAL YEAR-END UPDATE
Contract awards
Chemring is pleased to announce that in the final month of its
financial year, its UK subsidiary, Chemring Countermeasures UK
("CCM UK"), has been awarded contracts worth GBP25.8m from the UK
MOD to develop and supply naval countermeasures in support of the
Royal Navy. Deliveries under these contracts will be made in FY21
through to FY23.
CCM UK has also received a GBP5.5m contract from the UK MOD to
manufacture air countermeasures in support of the UK armed forces .
Deliveries under this contract will be made during FY21 and FY22.
All work under these contracts will be performed at CCM UK's
Salisbury facility.
These countermeasures play a critical role in protecting air and
naval forces from the threats posed by heat-seeking and
radar-controlled missiles.
Year-end update
With continued positive momentum across the Group, trading for
the year ending 31 October 2020 ended robustly. The Board's
expectations are for adjusted operating profit to be at the top end
of current market expectations.*
The continued focus on the management of working capital, cash
generation and the reduction of intra-period net debt volatility
has delivered positive results. Net debt at year end is now
expected to be approximately GBP48m which includes GBP6.5m in
respect of the first time adoption of IFRS16 (2019: GBP75.7m),
driven by operating cash conversion of 110% of EBITDA, together
with lower finance and tax payments.
The closing order book of GBP476m (2019: GBP449m) gives
excellent visibility of FY21 revenue in both segments.
COVID-19 update
The health, safety and well-being of our people, their families,
our customers and the communities in which we operate remain our
first priority. All our facilities remain open, are operating in
accordance with Government and State guidelines, and are applying
stringent safeguards to minimise the spread of the virus. To date,
our supply chain has remained robust and we have maintained
deliveries of essential products and services to our customers.
FY20 results
Chemring's FY20 results are scheduled to be announced on 15
December 2020.
-ENDS-
(*) The current range of analyst expectations for adjusted
operating profit for FY20 is GBP47m to GBP53m.
For further information:
Rupert Pittman Group Director of Corporate Affairs, 01794 833901
Chemring Group PLC
Andrew Jaques MHP Communications 0203 128 8100
James Bavister
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 FTSE250 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 two strategic product segments:
Sensors & Information and Countermeasures & 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 ("R&D"), Chemring has the agility to
rapidly react to urgent customer needs
www.chemring.co.uk
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END
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