Contract Award

RNS Number : 5416U

Chemring Group PLC

29 March 2023

 

FOR IMMEDIATE RELEASE     29 MARCH 2023

CHEMRING GROUP PLC ("Chemring", the "Group" or the "Company")

CONTRACT AWARD

Chemring is pleased to announce that its UK subsidiary, Chemring Energetics UK, has received an order valued at £43m for the delivery of critical components used in the Next Generation Light Anti-Tank Weapon system ("NLAW"). This award follows the £229m contract that was placed on SAAB by the UK Ministry of Defence in December 2022.

With some of the components required to fulfil this order having long lead times, the Group expects to see deliveries under this contract commencing in 2024 and continuing into 2025 and 2026.

Michael Ord, Group Chief Executive of Chemring, commented:

" This significant award maintains and strengthens Chemring's position in the specialist materials and propellants market, which is seeing increased levels of activity as customers re-evaluate their requirements  for conventional defence capabilities resulting from the evolving threat environment.

"Building on our already strong order book this contract increases visibility in our Countermeasures & Energetics segment for FY24 and beyond."

-ENDS-

For further information:

Rupert Pittman                    Group Director of Corporate Affairs,                                     01794 463401

Chemring Group PLC 

James McFarlane  MHP Communications      020 3128 8100

Ollie Hoare

Cautionary statement

This announcement contains forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could, is confident, or other words of similar meaning. Undue reliance should not be placed on any such statements because they speak only as at the date of this document and, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Chemring's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are a number of factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are: increased competition, the loss of or damage to one or more key customer relationships, changes to customer ordering patterns, delays in obtaining customer approvals for engineering or price level changes, the failure of one or more key suppliers, the outcome of business or industry restructuring, the outcome of any litigation, changes in economic conditions, currency fluctuations, changes in interest and tax rates, changes in raw material or energy market prices, changes in laws, regulations or regulatory policies, developments in legal or public policy doctrines, technological developments, the failure to retain key management, or the key timing and success of future acquisition opportunities or major investment projects. Chemring undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.

Notes to editors

· Chemring is a FTSE-250 global business that specialises in the manufacture of high technology products and the provision of services to the aerospace, defence and security markets

· Employing approximately 2,500 people worldwide, and with production facilities in four countries, Chemring meets the needs of customers in more than fifty countries

· Chemring is organised under two strategic product segments: Sensors & Information and Countermeasures & Energetics

· Chemring has a diverse portfolio of products that deliver high reliability solutions to protect people, platforms, missions and information against constantly changing threats

· Operating in niche markets and with strong investment in research and development ("R&D"), Chemring has the agility to rapidly react to urgent customer needs

www.chemring.com

 

END

 

 

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