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Chemring set for steady growth from acquisitions and US orders
ARMS firm Chemring posted steady growth yesterday, with increased sales to the American military but a slowdown in European business.
The company’s order book grew by 16 per cent to £651m, translating to a seven per cent rise in underlying pre-tax profits to £42.3m, Chemring said in a half-year statement.
Several purchases dented overall pre-tax profits, down 15 per cent to £25.3m, but the firm expects new acquisitions Hi-Shear and Chemring Fuze Technology to deliver profits in the second half of the year and “secure continuing success”.
The company said in a separate statement that chairman Ken Scobie will retire at the end of September, to be succeeded by Peter Hickson.