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Chemring Reports Impact Of CCM Incident On Its Underlying Operating Profit

Chemring Group PLC (CHG.L) issued an update on trading for the four month period from 1 May to 31 August 2018. The Group said the investigation into the incident, which occurred in an MTV flare mixing building at the Group's Salisbury site in the UK, is ongoing and it is working closely with the regulatory bodies to determine the root cause. The impact on the Group's underlying operating profit in the current financial year is likely to be around the middle of the range of 10 million - 20 million pounds, indicated in the statement made on 13 August. The Group said it is still assessing the impact on the 2019 financial year.

Chemring Group reported that the period has seen positive customer demand, resulting in 78 million pounds of orders received. With the exception of the impact of the CCM incident, trading across the Group remains in line with the Board's expectations. In Sensors, the Group has received a number of significant awards in the period.

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