FOR IMMEDIATE RELEASE 19 APRIL 2018
CHEMRING GROUP PLC ("Chemring", the "Group" or the "Company")
CONTRACT AWARDS
Chemring Group is pleased to announce that the UK Ministry of Defence ("MOD") has now confirmed orders for the next two years totalling approximately £23 million.
All contracts are with UK based subsidiaries and are for the supply of countermeasures (£11 million), pyrotechnic products (£8 million) and a range of demolition stores (£4 million).
Deliveries under these contracts will be made during the MOD's financial years commencing April 2018 and April 2019.
Michael Flowers, Group Chief Executive of Chemring, commented:
"We are delighted to receive these awards in support of the UK MOD which further underpin our plans for FY18 and help to build order coverage for FY19.
"As the UK MOD seeks to provide the armed forces with the highest level of protection, receipt of these contracts is testament to both the trusted position that Chemring holds with its key domestic customer and the mission-critical nature of our products in protecting the lives of our armed forces.
"We look forward to continuing to deliver the highest performing and highest quality products in support of our customers."
-ENDS-
For further information:
Rupert Pittman Group Director of Corporate Affairs, 01794 833901
Chemring Group PLC
Andrew Jaques MHP Communications 020 3128 8100
James White
Notes to editors
· Chemring is a global business that specialises in the manufacture of high technology products and the provision of services to the aerospace, defence and security markets
· Employing approximately 2,600 people worldwide, and with production facilities in four countries, Chemring meets the needs of customers in more than fifty countries
· Chemring is organised under three strategic product segments: Countermeasures, Sensors, and Energetics
· Chemring has a diverse portfolio of products that deliver high reliability solutions to protect people, platforms, missions and information against constantly changing threats
· Operating in niche markets and with strong investment in research and development ("R&D"), Chemring has the agility to rapidly react to urgent customer needs
www.chemring.co.uk
Cautionary statements
This announcement contains unaudited information based on management accounts and forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is confident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Chemring's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements.
There are a number of factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are; increased competition, the loss of or damage to one or more key customer relationships, changes to customer ordering patterns, delays in obtaining customer approvals for engineering or price level changes, the failure of one or more key suppliers, the outcome of business or industry restructuring, the outcome of any litigation, changes in economic conditions, currency fluctuations, changes in interest and tax rates, changes in raw material or energy market prices, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments, the failure to retain key management, or the key timing and success of future acquisition opportunities or major investment projects.
Chemring undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.
No statement in this announcement is intended as a profit forecast for FY17 and no statement in this announcement should be interpreted to mean that underlying operating profit for the current or future financial years would necessarily be above a minimum level, or match or exceed the historical published underlying operating profit or set a minimum level of underlying operating profit.
