LONDON (dpa-AFX) - Chemring Group plc (CHG) on Thursday said it now expects the financial results for the current year to be slightly more than analysts' estimates.
The company believe analyst forecasts for its adjusted operating profit for the year ending 31 October 2022 are in the range of 61.0 million pounds to 63.3 million pounds, with a consensus of 62.2 million pounds.
The company which operates through two segments, Sensors & Information as well as Countermeasures & Energetics said that both sectors have performed well since the start of the current financial year, in line with management expectations.
The higher expectation is attributed to the recent positive order intake, including Roke's award of an 8-million-pound contract to supply electronic warfare equipment to the Swedish Ministry of Defence, which is expected to be partially delivered in FY22.
The company's order cover increased from 84 percent at the start of the year to 89 percent currently, covered by revenue in the period to date and the current order book.
The order book stood at 476 million pounds as compared to 481 million pounds in 2021.
Shares of Chemring Group closed Wednesday's trading at 326.50 pounds, down 14.00 pounds or 4.48 percent from previous close.
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