Business
AGM Trading Update
AGM Trading Update.
About this update from Chemring Group Plc
[{"type":"text","content":"\n \n \n FOR IMMEDIATE RELEASE 15 MARCH 2023\n \n \n \n \n \n \n CHEMRING GROUP PLC (\"Chemring\", the \"Group\" or the \"Company\")\n \n \n \n \n AGM Update\n \n \n \n Chemring issues the following update announcement ahead of the Company's Annual General Meeting taking place later today.\n \n \n \n Current trading and outlook\n \n \n \n Both sectors have performed in line with the Board's expectations since the beginning of the current financial year and the Board's expectations for 2023 performance are unchanged. As previously highlighted the Group's trading performance and cash generation in 2023 is expected to have a heavier weighting towards the second half due to order intake delays in 2022 as a result of the US Government's extended Continuing Resolution.\n \n \n The Group continues to manage delays in customer procurements, labour availability, and other inflationary pressures including energy costs and wage inflation. Where appropriate the Group is mitigating the impact of these pressures by passing through costs and generating additional operational efficiencies where possible.\n \n \n The Group remains well positioned for growth with end-markets in both sectors aligned to areas of increased customer activity. The Group continues to develop and deliver mission-critical technologies, products, and services, which our customers deploy to meet the challenges of an increasingly contested and volatile world. The international security environment is driving strong demand in areas of active cyber-defence, operational mission support and open-source intelligence (\"OSINT\") services, and space launch systems. Demand also continues to grow for propellant and energetic materials, and high-integrity missile sub-components.\n \n \n \n Orders\n \n \n \n Having started the financial year with order cover of 86% our expected 2023 revenue is now 90% (25 February 2022: 89%) covered by revenue in the period to date and the current order book, split 99% (25 February 2022: 99%) in Countermeasures & Energetics and 76% (25 February 2022: 73%) in S...