Chemring on track

Chemring Group expects its trading performance for the year to 31 October to be in line with market expectations, with a slight upside resulting from foreign exchange gains.

Revenue in the final quarter of FY16 was approximately £188.0 million, an increase of 50.6% compared with £124.8 million in the same period last year. Revenue for FY16 was approximately £477.0 million (2015: £377.3 million); on a constant currency basis this figure would have been approximately £440.0 million.

The Group's order book at 31 October was approximately £593.0 million (2015: £569.6 million).

The weakening of sterling, principally against the US dollar, accounts for approximately £103.0 million of the growth in order book. On a constant currency basis, the order book declined year on year against a strong prior year period which contained all of the 40mm ammunition contract.