FOR IMMEDIATE RELEASE 5 SEPTEMBER 2018
CHEMRING GROUP PLC ("Chemring", the "Group" or the "Company")
NGCD NOTIFICATION
Chemring is pleased to announce that its US based subsidiary, Chemring Sensors and Electronic Systems (CSES), has been notified that it has been down selected as one of the suppliers on the first stream of the Next Generation Chemical Detector (NGCD1). NGCD1, now known as the Aerosol & Vapour Chemical Agent Detector (AVCAD), is the long-term Program of Record for the US Department of Defense to detect traditional and advanced threat vapours, and liquid and solid aerosols.
The resultant contract award, which is expected to be received in the coming months, is expected to take the form of an indefinite delivery, indefinite quantity (IDIQ) contract and will be for the Engineering and Manufacturing Development of the program, together with options for varying quantities of hardware under Low Rate Initial Production and Full Rate Production phases of the program.
Michael Ord, Group Chief Executive of Chemring, commented:
"As the largest stream under the NGCD Program of Record, the AVCAD award decision is a significant development for Chemring and is the culmination of a number of years of research and development activity. We are delighted to have been chosen on this long-term program."
-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 FY18 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.
