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Pin to quick picksChemring Share News (CHG)

Share Price Information for Chemring (CHG)

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Share Price: 290.50
Bid: 288.00
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Change: 3.50 (1.22%)
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Open: 285.00
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Chemring sees annual profit growth as wins contracts in US, Australia

Tue, 2nd Nov 2021 09:27

(Alliance News) - Chemring Group PLC on Tuesday said its US-based subsidiary Chemring Sensors & Electronic Systems has been awarded a full rate production contract for its enhanced maritime biological detection system.

Chemring is a Romsey, England-based company, which provides technology products and services to the aerospace, defence and security markets.

The customer is the US Department of Defense, and all work under the contract will be performed at Chemring's facility at Charlotte, North Carolina.

Chemring's EMBD system detects, collects and identifies airborne biological warfare agents. An initial delivery order of USD16 million will see deliveries being made in the final quarter of 2022 and 2023.

This sole source framework contract is valued at up to USD99 million with an estimated completion date of December 2027.

In addition, Chemring said its Australian unit has received a contract modification valued at USD20 million for the supply of MJU-68/B infrared countermeasures in support of the F-35 programme.

The customers are both the US Navy & Air Force, and the governments of Norway, Japan, Italy and the Netherlands. Work under this contract will see deliveries being made in 2022.

Elsewhere, Chemring said results for the financial year that ended on October 31 is expected to be in line with forecasts, with adjusted operating profit seen in line with the consensus of current analyst expectations at GBP57.5 million. A year ago, the company delivered adjusted operating profit of GBP54.7 million.

Chemring said the closing order book at October 31 was GBP502 million, up from GBP476 million a year earlier.

Chemring shares were trading 1.9% higher in London on Tuesday at 295.00 pence each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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