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Annual Results

Chemring underlying profits up

19 January 2017 07:50

Chemring posts reported underlying pre-tax profits of £34.0m for the year to the end of October - up 71.7%.

Revenue from continuing operations was £477.1 million (2015: £377.3 million).

This revenue generated an underlying operating profit of £48.5 million (2015: £34.4 million).

Including non-underlying items, total operating profit was £26.2 million (2015: £5.5 million).

The closing order book for continuing operations increased by £23.3 million during the year and at 31 October 2016 was £592.9 million (2015: £569.6 million). The group's net debt at 31 October 2016 was £87.6 million (2015: £154.3 million).

Group chief executive Michael Flowerssaid: "2016 was a busy year for Chemring, both from a corporate and operational perspective, and it is pleasing to see that the efforts of so many have delivered a positive result.

"Order intake and revenue has been solid across the Group, and strong in the Energetics segment.

"Subsequent to the completion of the rights issue and with good cash conversion, the balance sheet is now strengthened, positioning us well for the future.

"Against the backdrop of a stronger balance sheet and improving delivery performance, I see continued opportunities for the group."

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Related Company: CHG

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