Defence technology products group Chemring said it expected annual performance toward the upper end of market expectations amid 'good' momentum.
The expected outturn for the year ending 31 October 2020 was towards the upper end of current analyst expectations for adjusted operating profit of £47m to £53m, the company said.
Order intake to 31 August 2020 was up 4% to £452m, compared with £449m on 31 October 2019, providing full visibility for the remainder of the current financial year based on expected delivery schedules.
Order cover for fiscal 2021 was building, with countermeasures & energetics having 82% order cover of expected revenue and the shorter cycle sensors & information sector having 47% cover, the company said.
'We have good momentum as we near the end of FY20 and move into FY21 and, despite the near-term uncertainty that COVID-19 presents...' the company said.