Contract Update

RNS Number : 9826T

Chemring Group PLC

04 April 2016

 

CHEMRING GROUP PLC ("Chemring")

CONTRACT UPDATE

Chemring is pleased to announce that implementation of the 40mm ammunition contract to an end user in the Middle East, referred to in the 21 January 2016 results announcement, has commenced, with the related letter of credit in place and advance payment now having been received. Production activities at Chemring Ordnance and its supply chain partners have begun. Initial revenue will be recognised in Q2 FY16 and as previously advised, this multi-year contract is expected to provide a significant contribution to FY16.

-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 Corporate Affairs,                          01794 833901

Chemring Group PLC              

Andrew Jaques            MHP Communications                                                020 3128 8100

John Olsen

James White

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

www.chemring.co.uk

Cautionary statements

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.

 

END

 

 

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