POST-CLOSE STATEMENT

RNS Number : 8730X

Chemring Group PLC

25 November 2014

 



FOR IMMEDIATE RELEASE                                                                           25 NOVEMBER 2014

CHEMRING GROUP PLC

POST-CLOSE STATEMENT

Chemring Group PLC ("Chemring" or "the Group") today provides its scheduled post-close statement in respect of the year ended 31 October 2014.

Trading

The Board's expectations for the Group's trading performance for the year ended 31 October 2014 remain in line with guidance given in the Interim Management Statement issued on 17 September 2014.

Revenue from continuing operations in the final quarter was approximately £117 million, and was impacted by delays in the shipment of product from the Countermeasures facility at Kilgore, following the incident that occurred in February. For the year to 31 October 2014, revenue was approximately £475 million (2013: £624.9 million) and revenue from continuing operations was approximately £403 million (2013: £472.3 million).

The Group's order book at 31 October 2014 was approximately £486 million, an increase of £68 million since 31 July 2014. As expected, significant orders from US and Middle East customers have been received, including an order for the Husky Mounted Detection Systems ground penetrating radar product for supply into the Middle East.

Financial position

At 31 October 2014, net debt was approximately £136 million (2013: £248.7 million).  

The results for the year ended 31 October 2014 are due to be announced on 22 January 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                     01794 833901

 Investor Relations, Chemring Group PLC                   

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

www.chemring.co.uk

 

END

 

 

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