(Alliance News) - Chemring Group PLC on Friday said a UK tax office probe to find determine whether the company previously received state aid has closed.
The HMRC "formed a view" that the Romsey, Hampshire-based technology supplier to the aerospace and defence industry has not been a beneficiary of state aid.
"HMRC have advised that they have formed a view that Chemring was not a beneficiary of state aid in the periods ending 2013 to 2018. Furthermore HMRC have confirmed that the European Commission have indicated that they agree with HMRC's conclusion and the issue as to whether the group benefited from state aid is regarded as closed," Chemring said.
Chemring has therefore retired a contingent liability of up to GBP15 million that it set aside.
Shares in the FTSE 250 stock were 1.2% higher at 307.25 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Chemring (CHG)