Chemring Group PLC Update on Countermeasure Deliveries (2946Q)
17 Octobre 2023 - 8:00AM
UK Regulatory
TIDMCHG
RNS Number : 2946Q
Chemring Group PLC
17 October 2023
FOR IMMEDIATE RELEASE
17 OCTOBER 2023
CHEMRING GROUP PLC
("Chemring", the "Group" or the "Company")
UPDATE ON COUNTERMEASURE DELIVERIES
On 12 September 2023 the Group issued a trading update in which
it noted that achieving current full year expectations was subject
to US Department of Defense approval of certain countermeasure
deliveries, representing c.GBP25m of revenue, that had already been
manufactured and would be recognised once approval had been
received.
The delay in approval concerned the quality of raw material
provided by a third-party supplier that was outside of the control
of the Group.
The Group is pleased to report that the majority of the
necessary approvals have now been received and associated
deliveries can now be made. Whilst the revenue and profit
associated with these deliveries can subsequently be recognised,
the delay in shipment may leave insufficient time for the cash to
be received from the customer prior to 31 October 2023 and as such
these cash receipts may fall into early FY24.
The outturn for the year ending 31 October 2023 remains in line
with the Board's and current analyst expectations*.
-ENDS-
*The Group believes the consensus of analyst forecasts for
adjusted operating profit for the year ended 31 October 2023 is
GBP66.2m.
For further information:
Rupert Pittman Group Director of Corporate Affairs, 01794 463401
Chemring Group PLC
James McFarlane MHP Communications 020 3128 8100
Ollie Hoare
Cautionary statement
This announcement contains 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.
Notes to editors
-- Chemring is a FTSE-250 listed 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 2,600 people worldwide, and with
production facilities in four countries, Chemring meets the needs
of customers in more than fifty countries
-- Chemring is organised under two strategic product segments:
Sensors & Information and Countermeasures & 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
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END
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