FTSE 250 defence firm Chemring today said it was on track to hit its full year targets as both profit and revenue jumped in the first half.
The company said that underlying profit before tax was up 12 per cent to £27.2m, while revenue grew 4.0 per cent to reach £198.5m.
The Romsey-based firm, which makes high-tech equipment such as sensors for the defence and aerospace industries, said the performance had been strong despite headwinds caused by a weakening dollar.
As of the end of April, it said that 92 per cent of revenue for the second half of the year was already on its order book.
Chemring also said that it had bought Surrey research and development firm Cubica as it seeks to grow its Roke science division.
Cubica, a government supplier, specialises in artificial intelligence, machine learning, data fusion and autonomy.
The FTSE firm invest about £1m in the new acquisition, it added. Chief executive Michael Ord said:
“With a focus on innovative protective technologies and outstanding delivery in support of
their customers, the acquisition of the Cubica Group, a business we know well, is a valuable
addition to Chemring’s portfolio and will further accelerate growth in our Roke business.”