Chemring's Expectations in Line With Views But Dependent on US Defense Approvals
12 Settembre 2023 - 9:15AM
Dow Jones News
By Anthony O. Goriainoff
Chemring Group said the board's expectations for fiscal 2023 are
in line with views, subject to the U.S. Defense Department
approving certain deliveries.
The U.K. defense company said Tuesday these deliveries, which
have already been manufactured, represent around 25 million pounds
($31.3 million) of revenue.
"The U.S. DoD is expected to grant approval subject to
determination of the quality of raw material provided by a
third-party supplier that is outside of the control of the group,"
the company said.
Chemring said its performance to Aug. 31 progressed as planned
and that revenue for the year ending Oct. 31 is now fully-covered
by the order book. It said that as at Aug. 31 year-to-date order
intake was GBP536 million, compared with GBP365 million in the
year-prior period, and that the order book stood at GBP829 million
compared with GBP575 million the year before.
The company said that order cover for fiscal 2024 is building,
with its countermeasures & energetics division having 81% order
cover of expected revenue, and the sensors & information sector
have 54% cover.
The company said analysts' fiscal 2023 forecasts for adjusted
operating profit are in the GBP65.2 million to GBP68.2 million
range, with consensus of GBP66.9 million.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
September 12, 2023 03:00 ET (07:00 GMT)
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