RNS Number : 0393Q
Chemring Group PLC
01 November 2012
FOR IMMEDIATE RELEASE 1 November 2012
CHEMRING GROUP PLC
Chemring Group PLC ("Chemring" or "the Group") today provides a statement on current trading at the closing of its financial year ended 31 October 2012.
While the financial year has just closed and full year results are not yet known, three issues have been identified that will reduce our expected profits and earnings per share for the full year. These are:
· A contract for the supply of vehicle based mortar systems for a Middle Eastern customer. Delays in the granting of export licences for a limited number of parts are unlikely to be resolved in the near term and will continue into our new financial year.
· Our expectations assumed the receipt of a multi-year contract for the supply of aircraft countermeasures to a customer in the Middle East. Despite extensive negotiations with the prime contractor the order is now expected to be placed in our new financial year.
· Technical problems on the development of a countermeasure have resulted in this product not being accepted by the customer until further acceptance tests have successfully taken place.
As a result of these three issues, the Group has reduced its expectations for its earnings per share for the financial year ended 31 October 2012 by 13 pence.
The Group will provide a further update on trading in due course, and the Group's preliminary results are expected to be announced on 24 January 2012.
For further information:
Rupert Pittman Director of Communications and Investor Relations
01489 881 880 / email@example.com
Andrew Jaques / James White
0203 128 8100
This information is provided by RNS
The company news service from the London Stock Exchange