Chemring Grp Plc Unsp/Adr (CMGMY) Q4 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.077 -- 00:00:05.421 Good morning and thank you for joining us for Kemring's full year results for the period 00:00:05.421 -- 00:00:10.546 ending 31st of October 2025. I'm joined today by James Mortenson, 00:00:10.546 -- 00:00:15.351 our Chief Financial Officer, and we have Tony Wood, our Chairman, with us also. 00:00:15.351 -- 00:00:20.276 This morning I'll start with the group highlights for the year, then hand over to James 00:00:20.276 -- 00:00:23.939 for a detailed review of our financial and operational performance. 00:00:23.939 -- 00:00:27.743 I'll then return to discuss the market environment and update you on the progress we've 00:00:27.743 -- 00:00:31.544 made in delivering our growth-oriented strategy. 00:00:32.279 -- 00:00:35.945 FY25 was another year of solid performance for Kemring. 00:00:35.945 -- 00:00:40.752 What was particularly pleasing is that we achieved this despite some short-term headwinds, 00:00:40.752 -- 00:00:46.000 most notably softness in UK government order placement across national security 00:00:46.000 -- 00:00:51.168 and defence, which impacted ROC. This resilience reflects the work we've done to build 00:00:51.168 -- 00:00:56.196 a high-quality business capable of navigating challenges and delivering sustainable 00:00:56.196 -- 00:01:01.499 growth. Global defence spending continues to increase, driven by US demands 00:01:01.499 -- 00:01:06.548 for greater burden sharing across NATO, the conflict in Ukraine and rising tensions in 00:01:06.548 -- 00:01:11.697 the Asia-Pacific region. These dynamics underpin a sustained upcycle in defence 00:01:11.697 -- 00:01:17.407 and security investment, which is expected to persist into the next decade. 00:01:17.407 -- 00:01:20.609 Our record order book is clear evidence of this tren...