Chemring profits lifted by Energetics division

23rd Jun 2009 07:14

Military decoy specialist Chemring saw half-year profits and revenues surge as dividends were hiked 40% due to the strong performance by the Energetics division.Profit before tax rose 44% to £29.9m (2008: £20.7m) on revenue that jumped 55% to £233.5m. Interim dividend was raised to 14p from 10p in the same period last year.The group said it has a record order book of £603m, up 42% since June 2008In the Energetics division, revenue increased 86% to a record £147.3m with operating profit more than doubling to £28.8m.In Countermeasures revenue rose 22% to £86.2m and operating profit increased 25% to £23.7m."The Board does not believe that the proposed partial withdrawal of the US from Iraq, where some reduction in orders has already been experienced, will have any material impact on the Group's profitability," said the group.