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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Chemring Group PLC    CHG   GB00B45C9X44

CHEMRING GROUP PLC

(CHG)
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Chemring : Trading Update

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09/14/2015 | 02:06am EDT

14 September 2015

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 £119.0 million, an increase of 23.8% compared with £96.1 million in the same period last year.

The Group's order book at 31 August 2015 was £592.1 million, 17.8% higher than the order book of £502.8 million at 30 April 2015. The increase results from the receipt of orders in excess of £100.0 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 £150-£160 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
Investor Relations, Chemring Group PLC
01794 833901
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
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Michael Ord Group Chief Executive Officer & Executive Director
Carl-Peter Edmund Forster Non-Executive Chairman
Andrew Gregory Lewis Group Finance Director & Director
Sarah Louise Ellard Secretary, Executive Director & Legal Director
Andrew Peter Davies Independent Non-Executive Director
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