AEROSPACE tech supplier Chemring has seen its order intake grow by nearly a third this year on the back of governments upping their defence spending.

The London-listed group recorded £551.5m worth of orders in the 12 months to the end of October, which boosted revenue to £442.8m.

Order intake for Chemring's countermeasures and energetics division - which includes rocket components, decoys and systems against guided missiles - made up most of the order intake, which was up 40 per cent to £356m.

The defence firm's tally of future orders is also up a third, with the group expecting £650.9m worth of upcoming orders as of the end of

October. The group's order book currently accounts for around 86 per cent of its expected revenue for the whole of the next year.

The uptick in demand comes on the back of rising global tensions, which boosted Britain's defence titans.

Chemring chief executive Michael Ord said the group's mission to make the world "a safer place" had never "been as important as it is today".

(c) 2022 City A.M., source Newspaper