Chemring posts ‘excellent’ half year
The UK-based international defence group Chemring has reported a hike in first half sales and profits which it puts down to progress in its Energetics business which deals in detonators, actuators, rocket motors, high explosive filling and pyro-mechanical sub-assemblies for military applications.
Group chairman Ken Scobie said the results were "excellent" and reflected significant progress made in increasing Energetics' market share.
He went on: "The strength of our countermeasures business around the world and the opportunities for growth - both organic and acquisitive - demonstrated by our now larger Energetics division, combined with the group's strong cash flow, suggest that we can maintain above average growth in the immediate future. I am confident therefore that I will be able to report to shareholders in January 2010 on another very successful year."
Group revenue for the six months to 30 April was up 55% to £233.5 million (2008: £150.2m) while pre-tax profit was 44% up to £29.9 million (2008: £20.7m).
