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Chemring flags stronger pound headwind, but maintains annual guidance
StockMarketWire.com
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Defence company Chemring said performance since the onset of the current financial year had been as expected for both its sectors, though flagged a potential drag on performance from a stronger pound.
Order intake in the period to 28 February 2021 was £128 million, down from £132 million, with a book to bill ratio slipping to 127% from 125%. The company said its expected 2021 revenue was now 89%
The company maintained its expectations for the current year remain unchanged, with the exception of the potential impact of foreign currency translation.
The average US$ rate of $1.37 compared with $1.28 in the first half of 2020, giving a 7% headwind, the company said.
'2020 sensitivity analysis showed a 10c weakening of the US$ would negatively impact annual revenue by £13m and underlying operating profit by £2m,' it added.
The company will report its interim results for the six months ended 30 April 2021 on 3 June 2021.
At 8:01am: (LON:CHG) Chemring Group PLC share price was 0p at 266.5p
Story provided by StockMarketWire.com
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