Apologies for longwinded post.



This company does not seem to be on any thread on this board, but I think worth a look.



ALTHOUGH INVOLVED IN ARMS THE PRODUCTS ARE FOR DEFENCE PURPOSES such as decoys

I have bought and sold shares in this company a few times since November 05.

Its rate of growth have be tremendous as has the share price. Approximate rate of growth for last year was 90% p.a.

I paid it another visit after reading the Times article and followed it initially with view to buy as shares bets or shares. The spread is a bit wide and unsuitable for SBs about 0.7%, but as a long term hold may be useful. BUT DO YOUR OWN HOMEWORK.

.
AFX News Feed

CHEMRING 25/4/07

LONDON (Thomson Financial) - Chemring Group PLC said first-half trading was in line with its expectations, adding that full-year prospects are good as its order book continues to grow. The military manufacturer said the first month performance of Italian munitions firm Simmel Difesa SpA, which it acquired on March 30, has been encouraging. Chemring added Simmel's acquisition for 49 mln stg is expected to be accretive to its earnings in the first full financial year post-completion. First-half results are expected to be announced on June 26, Chemring said. TFN.newsdesk@thomson.com ukn/ic COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

Friday, 30/03/07, 16:01


LONDON (AFX) - Military manufacturer Chemring has acquired the entire issued shares of Italian munitions specialist Simmel Difesa SpA for 77 mln eur, as part of its ongoing strategy of expanding its presence in the munition and explosive ordnance disposal markets.
The acquisition was funded by the issue of 373,551 new Chemring shares, and a cash payment of 67 mln eur funded by new bank facilities. newsdesk@afxnews.com bsd/nes COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

22/03/07, 14:58
LONDON (AFX) - Military manufacturer Chemring has acquired the entire issued shares of Italian munitions specialist Simmel Difesa SpA for 77 mln eur, as part of its ongoing strategy of expanding its presence in the munition and explosive ordnance disposal markets.
The acquisition was funded by the issue of 373,551 new Chemring shares, and a cash payment of 67 mln eur funded by new bank facilities. newsdesk@afxnews.com bsd/nes COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited



From The Times
February 16, 2007
US defence giants hunt British takeover targets
Boeing and Lockheed Martin are eyeing British defence companies worth more than 5 billion
David Robertson, Business Correspondent
Boeing and Lockheed Martin are eyeing British defence companies worth more than 5 billion in an attempt to win orders from the Ministry of Defence, The Times has learnt.
The American defence giants are understood already to have independently approached, and been rebuffed by, Ultra Electronics, the 800 million battlefield-IT specialist.
They are also thought to be weighing potential bids for Cobham, Meggitt and Chemring.
The interest being shown by the Americans has put British defence companies on a collision course with the Government over the industrys future.
BACKGROUND
Airbus weighs up factory spin-offs in restructuring
Cargo carrier struggles to stay airborne
Industrialists, including Sir John Rose, chief executive of Rolls-Royce, and Allan Cook, chief executive of Cobham, are concerned that UK plc is being sold off to foreigners.
The crisis of ownership is being particularly felt in the defence sector after the introduction last year of the Governments Defence Industrial Strategy (DIS), which sets out the future for the military-in-dustrial complex in Britain.
Lord Drayson, the Defence Procurement Minister, believes that who owns a defence contractor is less important than where it is based. The DIS states that, as long as the scientists, engineers and technicians that build and maintain Britains military infrastructure remain in the country, it matters less where their employer is from.
American companies wanting to win Ministry of Defence (MoD) orders are therefore having do so through a UK subsidiary.
Both Boeing and Lockheed Martin have set up UK operations and are expanding these organically but they are also looking for acquisitions.
Lockheed Martin, which had operating profits of $4 billion (2 billion) last year, said: We are a growing company and an ambitious company and we will look to move in the direction of acquisitions if it is appropriate to do so.
Boeing, which had profits of $3 billion last year, said: We are mindful of the DIS and the need to keep intellectual property in the UK but we need the capability to do so. We are looking at the option of acquisitions. Last week Sir John Rose gave warning that UK plc was under threat from foreign companies using the country as an aircraft carrier and raiding profits without investing in the future.
Allan Cook, chief executive of Cobham, told The Timesyesterday: This is about national defence and it does matter where the shareholders are.
We have to maintain core skills in aerospace and defence.
The American invasion has already begun with GEs acquisition of Smiths Industries aerospace division last month. Analysts have been speculating for some time that Cobham, Meggitt, Ultra and Chemring could be the next targets.
None of these companies was willing to comment.

Ex-divi wed 2nd Oct (3.5p)

StockMarketWire.com
Chemring has warned that operating profits will be around £8m down due to a variety of factors and that 2014's performance is likely to be lower than the current year.

The group's UK subsidiary, Chemring Countermeasures Ltd, has been awarded a significant countermeasures contract from a Middle Eastern customer and revenue and profits associated with this contract will be recognised in the current financial year, as previously anticipated.

But it says the US government shut down that came into effect on 1 October has resulted in the closure of a large number of government departments and associated activities. This included the Defense Contract Management Agency, the government agency with responsibility for inspecting and approving products for delivery to the US Department of Defense.

The full impact of the shut down is not yet known but it will have an impact on the October order intake and deliveries to the US DoD in the remaining few weeks of the financial year. The group says that since the publication of the third quarter interim management statement in August, quality and production issues, particularly at Kilgore, have continued, resulting in reduced revenue for this financial year. In addition, the sterling/US dollar exchange rate has moved adversely, reducing the sterling value of profits generated in the US. The board's current view is that these factors will impact this financial year's operating profit by approximately £8m.

And it says recent tensions in the Middle East have constrained the availability of shipping to the region and this will have a short term impact on cash receipts for certain munitions contracts until the first quarter of FY14.

Looking ahead it says: "At the interim results presentation in June, Chemring announced that it was initiating a comprehensive planning process which would give a better understanding of both the markets in which we operate and our business strategy for the next three years.

"This is being prepared in conjunction with a detailed budgeting exercise for FY14. Early indications, given the continuing difficult market conditions, are that FY14 performance is likely to be less than the anticipated current year outturn."

StockMarketWire.com
Defence contractor Chemring Group said expectations for the trading performance for the financial year to end-October remain in line with the guidance given at the last trading update.

The issues regarding the US Government shut down have largely been resolved. The Group continues to work through specific production issues, particularly those at Kilgore, and has taken further steps to strengthen the management team at that business.

Revenue in the final quarter was approximately £185 million, down 24% from £242 million in the comparative period. For the year to 31 October 2013, revenue was approximately £625 million (2012: £740 million).

The Group's order book at 31 October 2013 was approximately £702 million, 8% lower than at the end of the previous financial year. These reductions reflect the significant budgetary pressures in Chemring's core defence markets and order deferrals among the Group's non-NATO customer base.

Financial position
As reported on 11 October 2013, delays in deliveries to customers in the Middle East have had a short-term impact on cash receipts, reducing the operating cash inflow for the final quarter of the financial year.

However, despite these effects, net debt reduced by over £45 million in the quarter to approximately £249 million at 31 October 2013 (2012: £245 million). Furthermore, since 31 October 2013, the impact of the delays in deliveries has partially unwound with the receipt of £14 million of cash from the relevant customers.

The Group continues to have a positive relationship with its debt holders and is maintaining a strong focus on managing cash and working capital.

Strategic planning process
Despite the adverse market backdrop, Chemring is making good progress with its strategic planning process.

The majority of this process is now complete, providing a clearer view for each of Chemring's business units of their market environment, competitive dynamics and future prospects.

The planning process has confirmed the Group's market-leading positions and the strength of its technology in a number of areas, and has highlighted new defence and adjacent non-defence opportunities that the Group has yet fully to exploit. In addition, the process has identified a number of further operational initiatives which will allow the Group to reduce the impact of the challenges that external market conditions provide. Chemring has both reshaped its management team better to handle these challenges, and set robust targets for which management throughout the organisation is fully accountable.

Chemring has also concluded that there are a number of business units within the Group which do not form part of its longer term strategy. The Board has therefore started a process to divest of certain of these businesses which is expected to result in an improved financial position for the Group.

Mark Papworth, CEO, commented: "Although the defence environment remains undeniably challenging, we continue to take the necessary steps to give Chemring a stable platform and rebuild shareholder value. These steps will be driven by the results of our strategic planning process that has crystallised our long-term objectives for the business, determined our strategy for the next three years and enabled a re-alignment of our portfolio."

Results for the year ended 31st October 2013 are scheduled to be announced on 23rd January 2014.

StockMarketWire.com
Investec has upgraded its recommendation on defence contractor Chemring (LON:CHG) to "buy" from "hold" on the back of today's pre-close update. The company reported a sharp fall in revenues for the final three months of its financial year, but this was largely expected by Investec, given revised guidance issued back in October. The company also confirmed its intention to divest certain businesses which no longer fit into its longer-term strategy and has definitive plans in place drive improved profit and cash in the remaining business units. The broker said: 'We move to Buy (from Hold) but clearly there is still much that needs to be done. High risk but potentially significant returns available'. Analysts have left their price target unchanged at 260 pence per share.

Surely this stock is dependent on US War effort? With a general economic malaise it's hardly surprising US is cutting spending (esp on UK products!), and with Syria almost spent and Iran/Iraq almost settled....where is the next War?

( Oh yes forgot N.Korea, - but are they really stupid or flamboyant perhaps? Time will tell, but I doubt chaff will deter NK's missiles one the fuse is set.).

Not one of mine at current prices.

StockMarketWire.com
Invesco has reduced its holding in munitions and countermeasures specialist Chemring (LON:CHG) from 44,400,085 shares to 42,407,964 shares taking its stake below the 22% threshold.

StockMarketWire.com
Chemring Group posts underling operating profits of £72.1m for the year to the end of October - 18.3% down on last time.

Revenues were 15.6% lower at £624.9m and underlying earnings per share fell by 24.2% to 21.6p.

Chairman Peter Hickson said: "At the end of a year of significant change, Chemring is now a more resilient business, with a clear strategic direction. Much has been achieved by the new management team during the year, with the positive impact of the performance recovery programme beginning to bear fruit.

"In addition, the strategic planning process has provided a clear view of the market, competitive dynamics and prospects for each of the businesses, as well as identifying the core markets in which the Group will focus investment.

"Chemring will continue to drive improvements in operational performance, and pursue the growth opportunities that exist, particularly within non-NATO markets where defence spending is expected to increase.

"It will also reshape and strengthen its portfolio of businesses through the disposal of non-core activities and technology investment in those businesses that can achieve sustainable growth and margin improvement. Meanwhile, the board's expectations for the current financial year remain unchanged."

http://www.moneyam.com/action/news/showArticle?id=4743625

COMPLETION OF DISPOSAL OF CHEMRING ENERGETIC DEVICES'
CLEAR LAKE BUSINESS

Chemring Group PLC announces that it has successfully completed the sale of Chemring Energetic Devices' Clear Lake build-to-print business to AMTEC Corporation, having received all necessary approvals.

Ex-divi wed 16th Apr (3.8p)

INTERIM MANAGEMENT STATEMENT
Chemring Group PLC ("Chemring" or "the Group") today issues its Interim Management Statement covering the period from 1 November 2013 to date.

Current trading
As anticipated, the challenging market conditions the Group continues to experience across its operations, combined with the effect of adverse foreign exchange movements, has resulted in revenue during the three month period to 31 January 2014 falling to £118.3 million compared with £136.1 million in the same period last year.

The Group's order intake increased by 2.1% against the comparative period, helped by an increasing penetration of non-NATO markets. The order book at 31 January 2014 was £644.5 million, unchanged in the first quarter, after adjusting for the effects of foreign exchange and disposals. Of the order book at 31 January 2014, 55.6% is due for delivery in the current financial year.

http://www.moneyam.com/action/news/showArticle?id=4762943

PROPOSED DISPOSAL OF EUROPEAN MUNITIONS BUSINESS

Highlights:
· Aggregate cash consideration for Mecar and Simmel of up to €167.8 million (£138.0 million) from Nexter Systems SA, following a competitive sale process.

· This strategic disposal re-shapes the Group for future growth and enables Chemring to refocus on its core competencies.

· Chemring will become a focused defence technology business with well-established positions in Sensors & Electronics, Countermeasures and Energetic Systems.

· Significant reduction in pro-forma net debt of £120.4 million from £248.7 million at 31 October 2013 to £128.3 million.

· Net Disposal proceeds will be applied to repay part of the Group's revolving credit facility with the balance offered to holders of the Group's loan notes, with whom it has agreed improved arrangements.

· Since Chemring's IMS released on 27 February 2014, there has been no material change to the Group's current trading and prospects. The Disposal is expected to have a dilutive effect on underlying earnings per share in the current financial year ending 31 October 2014.

· The Disposal is conditional, inter alia, upon the approval of Chemring shareholders and regulatory approval in Italy.

Mark Papworth, Chief Executive Officer of Chemring, said:

"The sale of our European Munitions Business implements a key recommendation of our strategic review and represents a significant milestone as we reposition Chemring for future growth. It not only enables us to strengthen our balance sheet through the reduction of net debt, but also provides us with flexibility to invest in our core technologies. Following the Disposal, Chemringwill have technologies, products and market positioning which provide opportunities to achieve sustainable high margins and revenue growth."

StockMarketWire.com
Chemring Group has acquired 3d-Radar AS, a subsidiary of Curtiss-Wright Corporation, for $3.0m in cash.

3d-Radar, based in Trondheim, Norway, is a leading developer of commercial three-dimensional ground penetrating radar technology. 3d-Radar's unique sensor technology delivers major advances in the ease of use, speed, accuracy and resolution for 3D imaging of underground structures. 3d-Radar's patented GPR technology has already been successfully evaluated and deployed in a broad range of applications in a number of end markets, including sub-surface imaging in road and railway maintenance and airport runway inspection.

Chemring chief executive Mark Papworth said: "This small but strategically important acquisition consolidates Chemring's position as a world leader in GPR technologies. 3d-Radar's commercially available GPR technology expands our ground sensing and detection portfolio, ideally complementing NIITEK's world leading military route clearance offerings and expertise.

"This technology will enable us to further develop our route clearance offerings and to exploit significant opportunities in the commercial sector."

Update on the Disposal of the European Munitions Business
Chemring announces that it has now received appropriate regulatory clearance from the Italian Government in relation to the disposal of Simmel. The satisfaction of this outstanding condition, together with completion of the disposal of Mecar on 19 May 2014 means that Chemring now anticipates completion of the disposal of the European Munitions Business on or around 27 May 2014.

CHEMRING GROUP PLC
INTERIM RESULTS FOR THE SIX MONTHS TO 30 APRIL 2014

Highlights
· Overall interim results in line with expectations. Full year outlook remains broadly unchanged before the effect of further foreign exchange headwind in the second half

· Strong margins in Sensors & Electronics and good operational progress in Energetic Sub-Systems mitigates ongoing issues in US Countermeasures business

· Significant reduction in net debt to £229.2 million at period end (2013: £275.1 million) before receipt of disposal proceeds, reflecting inherent cash generative nature of the business

· Completed small but significant acquisition of 3d-Radar, which consolidates Chemring's leading international position in ground penetrating radar.

http://www.moneyam.com/action/news/showArticle?id=4834724

I'm not quiet sure what Investec are up to!

Canaccord Genuity Sell 194.50 207.50 233.00 - Under Review

Investec Buy 194.50 207.50 260.00 250.00 Reiterates

Westhouse Securities Sell 194.50 207.50 150.00 150.00 Reiterates

Investec Buy 194.50 207.50 260.00 260.00 Reiterates

Panmure Gordon Buy 217.00 219.00 - 328.00 Initiates/Starts

StockMarketWire.com
Chemring reports that third quarter revenues were in line with its forecasts and the focus remains on creating a platform for growth.

The group says its financial strength continues to improve through repayment of £102.5 million ($167.5 million) of loan notes and signing of new revolving credit facility during the period from 1 May.

The group says that based on current expectations of order intake and product delivery and absent any material change in customer behaviour, full year expectations are broadly unchanged.

Revenue from continuing operations for the three month period to 31 July 2014 was £77.5 million, compared with £110.5 million in the same period last year. The Group's order book at 31 July 2014 was £417.5 million, 3.9% higher than the continuing operations order book of £401.8 million at 30 April 2014. Of the order book at 31 July 2014, 25.8% was for delivery in the current financial year.

Chief executive Michael Flowers said: "Our focus remains on creating a platform for growth, as reflected in our strengthened financial position and the improving quality of our operations. The Group has continued to make progress, and whilst the trading environment remains challenging, I am pleased that Chemring has gained a number of contracts that position the Group for the longer term.

"Current world events and increasing NATO commitment indicate the potential for the recent trend of declining defence spending to moderate. Recent customer enquiries and improved order intake gives us confidence that our markets are stabilising. Whilst the timing of international order placement remains difficult to predict, Chemring is well positioned to benefit from any sustained increase in demand."

JP Morgan Cazenove Neutral 233.00 236.00 - 220.00 Reiterates

Panmure Gordon Buy 241.00 237.50 328.00 328.00 Reiterates

Canaccord Genuity Hold 241.00 237.50 160.00 225.00 Upgrades

StockMarketWire.com
Chemring says its board's expectations for the group's trading performance for the year ended 31 October remain in line with guidance given in the interim management statement issued on 17 September.

Revenue from continuing operations in the final quarter was approximately £117m, 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 £475m (2013: £624.9m) and revenue from continuing operations was approximately £403m (2013: £472.3m). The group's order book at 31 October was approximately £486m, an increase of £68m 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.