Business
Interim results
Interim results.
About this update from Chemring Group Plc
[{"type":"text","content":"\n \nRNS Number : 1410B Chemring Group PLC 05 June 2019 \n\n \n \n5 JUNE 2019\n \nCHEMRING GROUP PLC\n \n(\"Chemring\" or \"the Group\" or \"the Company\")\n \nINTERIM RESULTS FOR THE SIX MONTHS TO 30 APRIL 2019\n \n\n\n\n\n \n\n\nAs reported\n\n\nAt H1 2018\nexchange rates\n\n\n \n\n\n\n\n \n\n\nH1 2019\n\n\nChange\n\n\nH1 2019\n\n\nChange\n\n\nH1 2018\n\n\n\n\nContinuing operations\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue (£m)\n\n\n139.3\n\n\n+ 5%\n\n\n135.3\n\n\n+ 2%\n\n\n133.1\n\n\n\n\nUnderlying EBITDA*(£m)\n\n\n20.3\n\n\n- 6%\n\n\n19.7\n\n\n- 9%\n\n\n21.7\n\n\n\n\nUnderlying operating profit* (£m)\n\n\n12.1\n\n\n+ 4%\n\n\n11.6\n\n\n0%\n\n\n11.6\n\n\n\n\nUnderlying profit before tax* (£m)\n\n\n9.9\n\n\n+ 19%\n\n\n9.6\n\n\n+ 16%\n\n\n8.3\n\n\n\n\nStatutory profit/(loss) before tax (£m)\n\n\n4.3\n\n\n \n\n\n \n\n\n \n\n\n(1.1)\n\n\n\n\nUnderlying earnings per share* (pence)\n\n\n2.8p\n\n\n+ 22%\n\n\n2.7p\n\n\n+ 17%\n\n\n2.3p\n\n\n\n\nInterim dividend per share (pence)\n\n\n1.2p\n\n\n+ 9%\n\n\n \n\n\n \n\n\n1.1p\n\n\n\n\nNet debt at 30 April (£m)\n\n\n84.0\n\n\n- 1%\n\n\n80.9\n\n\n- 4%\n\n\n84.6\n\n\n\n\n \n \nHighlights\n· Overall H1 performance in line with our expectations; strong Sensors & Information sector performance, Countermeasures & Energetics sector impacted by previously reported manufacturing issues and planned site recommissioning. Phased restart programme for the UK Countermeasures site remains on track. H1 results included £13m of insurance recoveries, offsetting costs of remediation and site operating costs.\n· Safety remains our key priority and together with enhancing operational stability and efficiency is driving investment in the Group's manufacturing infrastructure.\n· Australian subsidiary, which has been off-line to enable the change-over to F-35 Lightning II countermeasure manufacturing, received two significant countermeasures contracts, as previously announced.\n· Continued progress on various US Programs of Record. Further delivery orders received for the next phase of the HMDS IDIQ, valued at $27m, and a $9m order for the Enhanced Maritime Biological Det...