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Chemring Group PLC on Tuesday said it expects results for its financial year to be in line with market expectations, buttress by securing approval for deliveries to the US military. The Romsey, England-based provider of technology products and services to aerospace, defence and security markets said the current analyst and board expectations for adjusted operating profit of £66.2 million in the financial year that ended October 31, up 3.4% from £64.0 million in financial 2022. Last month, Chemring cautioned that achievement of its full-year expectations was subject to US Department of Defense approval of some countermeasure deliveries, which represent £25 million of revenue. The company on Tuesday said the majority of necessary approvals have been received and associated deliveries can now be made in the current financial year. For financial 2022, the company had reported revenue of £442.8 million. Chemring shares were up 3.7% to 278.00 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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