logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Beyond Meat Inc. (BYND), the meatless burger and sausage maker, announced the appointment of Sanjay Shah as Chief Operating Officer. Shah will assume the responsibility for Beyond Meat's global operations and production, effective September 18. "It is with great enthusiasm that I welcome Sanjay... A federal court has sentenced the former President of drug compounding company Pharmakon Pharmaceuticals Inc. to prison for defrauding the U.S. Food and Drug Administration and distributing adulterated drugs, the U.S. Department of Justice said. District Judge James Sweeney sentenced Paul Elmer, 68, the former president and owner of Pharmakon Pharmaceuticals Inc. to 33 months in prison. Amazon on Thursday unveiled its ambitious plans to combat climate change, with the announcement coming just a day before its employees plan to walk out of the Seattle headquarters to protest the e-commerce giant's climate policies. The company said it has co-founded the Climate Pledge, a plan to make companies carbon neutral by 2040 and reach the goal of the Paris Accord ten years early.
Follow RTT
>