Directorate Change

RNS Number : 1636X

Chemring Group PLC

08 August 2018

 

FOR IMMEDIATE RELEASE                                                                           8 AUGUST 2018

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

DIRECTORATE CHANGE

Following today's announcement by Low & Bonar PLC that Daniel Dayan is to be appointed Chairman, Chemring announces that Mr Dayan has given notice of his intention to step down from the Board of Chemring, where he currently serves as a Non-Executive Director and Chairman of the Group's Remuneration Committee.

A search process has commenced. Meanwhile Mr Dayan has confirmed that he will remain as a member of the Board of Chemring until his replacement has been appointed.

Andrew Davies, Non-Executive Director of Chemring, assumes the role of Chairman of the Remuneration Committee with immediate effect.

-ENDS-

For further information:

Rupert Pittman            Group Director of Corporate Affairs,                          01794 833901

Chemring Group PLC              

Andrew Jaques            MHP Communications                                                 020 3128 8100

James White

Notes to editors

·       Chemring is a 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 2,600 people worldwide, and with production facilities in four countries, Chemring meets the needs of customers in more than fifty countries

·       Chemring is organised under three strategic product segments: Countermeasures, Sensors, and 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.co.uk

Cautionary statements

This announcement contains unaudited information based on management accounts and 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.

No statement in this announcement is intended as a profit forecast for FY18 and no statement in this announcement should be interpreted to mean that underlying operating profit for the current or future financial years would necessarily be above a minimum level, or match or exceed the historical published underlying operating profit or set a minimum level of underlying operating profit.

 

END

 

 

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