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Chemring sees profit within top end of market expectations; wins new UK defence contracts
StockMarketWire.com
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Defence company Chemring said it expected annual adjusted operating profit to be at the top end of current market expectations following a strong end to the year.
The current range of analyst expectations for adjusted operating profit for 2020 is within a range of £47 million to £53 million.
Net debt at year end is now expected to be approximately £48m, down from £75.7m on-year.
The company also said its UK subsidiary, Chemring Countermeasures UK had been awarded contracts worth £25.8m from the UK defence department to 'develop and supply naval countermeasures in support of the Royal Navy.'
Deliveries under these contracts would be made in 2021 through to 2023.
The company also received a £5.5m contract from the UK MOD to manufacture air countermeasures in support of the UK armed forces
Deliveries under this contract would be made during 2021 and 2022.
Story provided by StockMarketWire.com
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