Chemring confident for 2011

28th Feb 2011 07:16

Military decoy flares and mine detection firm Chemring said it remains confident for 2011 as its order book surges. Trading during the first three months to the end of January 2011 rose 38% from the same period in 2010 on a constant currency basis. Its order book has increased 64% to a new record of £944m. "This was driven by continued strong growth in our Counter-IED and Munitions businesses that was partially offset by a reduction in revenues from our Pyrotechnics activities," the group explained in a company statement.The group's Counter-IED business continued to perform well with revenue up 150% compared with the same period in 2010. Its Countermeasures business showed steady growth, with revenue 15% higher than for the same period last year. Net debt is expected to reduce by the half year.