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Chemring Group PLC on Wednesday posted a higher first-half profit as its technology provider Roke achieved double-digit growth in orders.
Chemring's pretax profit in the half-year ended April 30 climbed 19% to £28.9 million from £24.3 million a year ago. Revenue rose 11% to £220.4 million from £198.5 million.
Chemring highlighted the performance of its technology, engineering & advisory service provider Roke, which supplies services to governments.
‘Roke continued the recent trend of double-digit growth in orders, revenue and operating profit in a positive market,’ the Romsey, Hampshire-based technology supplier to the aerospace and defence industry said.
Chemring declared an interim dividend of 1.9 pence per share, up 19% from the 1.6p a year earlier.
‘Half-year 2022 performance was in line with the board's expectations with strong performance in both segments,’ the firm said.
For 2022, Chemring sees an increasingly positive outlook for the global defence market, following Russia's invasion of Ukraine.
‘The importance of defence in sustaining peace and democracy has been more appreciated since the beginning of the crisis in Ukraine,’ it explained.
‘Whilst the outlook for the global defence market is increasingly positive, with strong growth predicted over the next decade, the customary time-lag between announcement and budget increases translating into new orders can be expected as governments take time to reposition and reallocate funding in response to the changed threat environment.’
Chemring shares were 7.2% lower at 339.50 pence each in London on Wednesday morning.
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