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Chemring Backs FY19 Outlook; Australian Unit Gets Two Significant Contracts

Aerospace company Chemring Group plc (CHG.L) on Friday said it confirmed its fiscal 2019 expectations.

In its pre-close trading statement, in respect of the six months ended April 30, the company noted that the H1/H2 weighting of continuing underlying operating profit for 2019 is now expected to be approximately 30%:70%, compared to previous guidance of 15%:85%.

The company noted that it is receiving the insurance recoveries in respect of the incident at the UK Countermeasures site, which occurred in August 2018, earlier than previously anticipated.

The company will report its interim results for the first half on June 5.

Further, Chemring announced that its Australian subsidiary has been awarded two significant contracts. The contracts are from the US DoD to supply countermeasures to the Royal Australian Air Force, US Navy and Foreign Military Sales in support of the F-35 Joint Strike Fighter and other platforms.

The contracts include an Undefinitised Contract Action with a Not To Exceed value of $60.4 million and a further, Directed Sole Source, award for $6.5 million.

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