LONDON (dpa-AFX) - Chemring Group Plc. (CHG.L) said it expects adjusted operating profit for fiscal year 2020 to be at the top end of current market expectations of 47 million pounds to 53 million pounds.
The company said that trading for the year ending 31 October 2020 ended robustly, with continued positive momentum across the Group.
The company expects net debt at year end to be about 48 million pounds.
The closing order book of 476 million pounds gives excellent visibility of fiscal year 2021 revenue in both segments. The closing order book was 449 million pounds 2019.
Chemring said that its UK subsidiary, Chemring Countermeasures UK, has been awarded contracts worth 25.8 million pounds from the UK MOD to develop and supply naval countermeasures in support of the Royal Navy. Deliveries under the contracts will be made in fiscal year 2021 through to fiscal year 2023.
CCM UK has also received a 5.5 million pounds contract from the UK MOD to manufacture air countermeasures in support of the UK armed forces. Deliveries under the contract will be made during fiscal year 2021 and 2022.
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