Chemring Group PLC POST-CLOSE STATEMENT (3823W)
November 14 2017 - 1:01AM
UK Regulatory
TIDMCHG
RNS Number : 3823W
Chemring Group PLC
14 November 2017
FOR IMMEDIATE RELEASE 14 NOVEMBER 2017
CHEMRING GROUP PLC
POST-CLOSE STATEMENT
Chemring Group PLC ("Chemring" or "the Group") today provides
its post-close statement in respect of the year ended 31 October
2017.
FY17 trading
The Group's trading performance for the year to 31 October 2017
("FY17") is expected to be slightly ahead of the Board's
expectations.
Strong delivery performance in the final quarter of FY17 has led
to full year revenue of GBP547m, an increase of 15% on the prior
year (2016: GBP477m).
The Group's order book at 31 October 2017 was GBP478m (2016:
GBP593m). The decline in the order book principally reflects the
conclusion of the 40mm ammunition contract to a customer in the
Middle East, awarded in 2016, as well as a currency headwind of
GBP33m experienced this year. A number of significant orders were
received by both our US and UK Countermeasures businesses in the
second half of the year, giving increased confidence in the Group's
prospects in the near term.
Financial position
At 31 October 2017, net debt was GBP80.0m (2016: GBP87.6m).
Of the Group's GBP114.3m outstanding US private placement loan
notes, GBP51.3m was repaid yesterday, 13 November 2017, from
existing bank debt facilities and cash resources. The remaining
loan notes are scheduled to be repaid in November 2019
(GBP63.0m).
The Group's FY17 results are scheduled to be announced on 18
January 2018.
-ENDS-
For further information:
Rupert Pittman Group Director of Corporate Affairs, 01794
833901
Chemring Group PLC
Andrew Jaques MHP Communications 020 3128 8100
James White
Notes to editors
-- Chemring is a global business that specialises in the
manufacture of high technology products and the provision of
services to the aerospace, defence and security markets
-- Employing approximately 2,500 people worldwide, and with
production facilities in four countries, Chemring meets the needs
of customers in more than fifty countries
-- Chemring is organised under three strategic product segments:
Countermeasures, Sensors, and Energetics
-- Chemring has a diverse portfolio of products that deliver
high reliability solutions to protect people, platforms, missions
and information against constantly changing threats
-- Operating in niche markets and with strong investment in
research and development ("R&D"), Chemring has the agility to
rapidly react to urgent customer needs
www.chemring.co.uk
Cautionary statements
This announcement contains unaudited information based on
management accounts and forward-looking statements that are based
on current expectations or beliefs, as well as assumptions about
future events. These forward-looking statements can be identified
by the fact that they do not relate only to historical or current
facts. Forward-looking statements often use words such as
anticipate, target, expect, estimate, intend, plan, goal, believe,
will, may, should, would, could, is confident, or other words of
similar meaning. Undue reliance should not be placed on any such
statements because they speak only as at the date of this document
and, by their very nature, they are subject to known and unknown
risks and uncertainties and can be affected by other factors that
could cause actual results, and Chemring's plans and objectives, to
differ materially from those expressed or implied in the
forward-looking statements.
There are a number of factors which could cause actual results
to differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are; increased competition, the loss of
or damage to one or more key customer relationships, changes to
customer ordering patterns, delays in obtaining customer approvals
for engineering or price level changes, the failure of one or more
key suppliers, the outcome of business or industry restructuring,
the outcome of any litigation, changes in economic conditions,
currency fluctuations, changes in interest and tax rates, changes
in raw material or energy market prices, changes in laws,
regulations or regulatory policies, developments in legal or public
policy doctrines, technological developments, the failure to retain
key management, or the key timing and success of future acquisition
opportunities or major investment projects.
Chemring undertakes no obligation to revise or update any
forward-looking statement contained within this announcement,
regardless of whether those statements are affected as a result of
new information, future events or otherwise, save as required by
law and regulations.
No statement in this announcement is intended as a profit
forecast for FY17 and no statement in this announcement should be
interpreted to mean that underlying operating profit for the
current or future financial years would necessarily be above a
minimum level, or match or exceed the historical published
underlying operating profit or set a minimum level of underlying
operating profit.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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