Chemring cranks up revenue in second half

16th Sep 2010 07:58

Chemring, the military decoy flares and mine detection firm, has kept up the good work during the second half, firing a 23% increase in revenue for the four months since May 1.The group, still clearing up after a fire at one of its assembly facilities in Tennessee, said sales for the period jumped to £176m from £143m and had risen 15% to £432m over the ten months.June's interims revealed 10% growth in revenue from continuing operations to £256m. There was also a record order book of £751m, which now stands at £819m, up 43% on last year."The board is therefore confident that the outlook for the financial year ending 31 October 2010 remains in line with its previous expectations," it said in today's update. Chemring stressed that although a number of European governments are slashing defence budgets, the US is still "robust" and there's continued growth in the Middle East and Far East.The countermeasures unit "performed well" during the period, Explosive Ordnance Disposal remained "very encouraging", pyrotechnics was "rather flat" and trading in munitions products and components increased "substantially".