Chemring Grp Plc Unsp/Adr (CMGMY) Q2 2026 Earnings Call

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WEBVTT 00:00:00.824 -- 00:00:05.038 Good morning and welcome to the ChemRings interim results presentation for the six months 00:00:05.038 -- 00:00:07.646 to April 30th, 2026. 00:00:07.646 -- 00:00:11.900 I'm Mick Ord, the Group's Chief Executive, and I'm joined this morning by our CFO, James 00:00:11.900 -- 00:00:13.750 Mortenson. 00:00:13.750 -- 00:00:17.157 I'll begin with the first half headlines, then James will take you through the financial 00:00:17.157 -- 00:00:19.863 and operational performance in more detail. 00:00:19.863 -- 00:00:22.710 I'll then comment on the group's environment, 00:00:22.710 -- 00:00:27.340 the market environment, and spend some time on our key growth drivers and why this gives 00:00:27.340 -- 00:00:33.249 us confidence in Kemring's future growth. We'll then take your questions at the end. 00:00:35.266 -- 00:00:39.834 Operational and trading performance in the first half was in line with our expectations. 00:00:39.834 -- 00:00:44.382 Despite the headwinds in the UK market, order inflow in recent months has been encouraging, 00:00:44.382 -- 00:00:49.170 improving our near-term visibility and reinforcing our confidence in the full year. 00:00:49.170 -- 00:00:54.560 Approximately 91% of forecast 2026 revenue had either already been delivered 00:00:54.560 -- 00:00:59.148 or was in the order book at April 30th, and our full year expectations therefore remain 00:00:59.148 -- 00:01:04.376 unchanged. Market demand is strong, as growing geopolitical instability 00:01:04.376 -- 00:01:09.003 drives a shift to high-intensity deterrence and structurally higher defence and national 00:01:09.003 -- 00:01:14.030 security budgets. Against this backdrop, we continue to invest in areas 00:01:14.030 -- 00:01:18.136 which are aligned with our customers' pri...