Last checked at 23 Mar 2018 07:00
23 March 2018
CHEMRING GROUP PLC ("Chemring", the "Group" or the "Company")
Result of audit tender
Chemring today announces that, following the conclusion of the formal audit tender process led by the Company's Audit Committee, the Board on a recommendation from the Audit Committee has approved the proposed appointment of KPMG LLP ("KPMG") as its auditor for the year ending 31 October 2018.
The Company, Deloitte and KPMG will commence transition planning to ensure a smooth and effective migration.
Further disclosure on the tender process will be set out in the 2018 Annual Report and Accounts. The appointment of KPMG will be recommended to Chemring's shareholders for approval at the 2019 Annual General Meeting.
There are no matters in connection with Deloitte's prospective retirement as auditor which need to be brought to the attention of shareholders.
Nigel Young, Chair of the Audit Committee, commented:
"We indicated our intention to tender the audit in the Company's 2017 Annual Report and have conducted a robust and comprehensive process which has led to the Audit Committee's recommendation to appoint KPMG. I am pleased this recommendation has been accepted by the Board and I would like to thank the other firms who took part in the tender. We look forward to working with KPMG."
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For further information:
Rupert Pittman | Group Director of Corporate Affairs, Chemring Group PLC | +44 (0)1794 833901 |
James White | MHP Communications | +44 (0)20 3128 8100 |
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 2,600 people worldwide, and with production facilities in four countries, Chemring meets the needs of customers in more than fifty countries
· Chemring is now 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, Chemring has the agility to rapidly react to urgent customer needs