Chemring Sees FY21 Outturn In Line With Board's And Current Analyst Expectations

Chemring Group PLC (CHG.L), a provider of technology products and services, Tuesday said its current trading has progressed as planned despite the challenging environment. The company expects the outturn for the year ending October 31 would be in line with the Board's and current analyst expectations.

Analyst forecasts for adjusted operating profit for the year are in the range of 56.0 million pounds to 59.6 million pounds, with a consensus of 57.5 million pounds.

In its trading update for the period to September 13, the company said its order book as of August 31 was 464 million pounds, compared to 450 million pounds as of April 30.

Order cover for fiscal 2022 is building, with Countermeasures & Energetics having 67 percent order cover of expected revenue and the shorter cycle Sensors & Information sector having 45 percent cover.

The company recorded continued strong performance in the Sensors & Information sector, with order intake up 7 percent compared to the same period last year.

Further, performance across the Countermeasures & Energetics sector is progressing in line with expectations. The Countermeasures & Energetics sector received orders totaling 74 million pounds in the period from May 1 to August 31.

Michael Ord, Chief Executive of Chemring, said, "We have good momentum as we move into FY22. I am confident the focus we have placed on building a high quality, technology-based business will enable us to take further advantage of our increasing opportunities for growth in the coming years and our long-term prospects remain strong."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) approved Boehringer Ingelheim's Cyltezo as the first interchangeable biosimilar to AbbVie's top-selling drug Humira or adalimumab. Cyltezo, originally approved in August 2017, is both biosimilar to, and interchangeable with Humira for Cyltezo's approved uses. The Food and Drug Administration may be planning to allow people to receive Covid-19 vaccine booster shot that is different from the initial dose, reports indicate. The agency is likely to make the announcement on mix and match approach on coronavirus booster vaccines on Wednesday. The move will be part of FDA's expected authorization of boosters for the Moderna and Johnson & Johnson vaccines. Drug major Johnson & Johnson on Tuesday raised again its forecast for fiscal 2021 earnings and sales, which are above market view, after reporting higher results in the third quarter. The company's quarterly adjusted earnings also beat market estimates. In pre-market activity on the NYSE, JNJ shares were gaining around 1.24 percent to trade at $162.10.
Follow RTT