Chemring shares pulled up by Husky order

1st May 2012 08:03

Pyrotechnics and military counter-measures specialist Chemring started Tuesday with a bang after announcing two new orders, one big and one small.Its Chemring Countermeasures subsidiary has been awarded a five year agreement with the UK Ministry of Defence, worth an initial £21m, to supply infra-red and radar frequency decoy flares. In the US, its Non-Intrusive Inspection Technology (NITEK) division has been awarded a contract for the ground penetrating radar, Husky mounted detection system. The contract ceiling is $579m with an initial order of $161m.Chemring's Chief Executive, Dr David Price, said he was "delighted" with the order and added the detection system "continues to contribute to the safety of US and coalition forces".Chemring's shares had jumped 16% on the news by 08:37, although the company has had a fraught 12 months, with its stock still down 43.5% since last May.BS