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Chemring expects performance to be less second-half weighted following earlier-than-expected insuran

By BFN News | 08:28 AM | Friday 10 May, 2019

Chemring said annual performance was expected to less second-half weighted after the defence company received insurance payments earlier than expected from an incident at its UK Countermeasures site. The company also said its Australian subsidiary had been awarded two 'significant contracts,' from the US defence department.
'As a result of insurance recoveries in respect of the incident at the UK Countermeasures site which occurred in August 2018 being received earlier than previously anticipated, the H1/H2 weighting of continuing underlying operating profit for 2019 is now expected to be approximately 30%:70%,' the company said. 
That compared with previous H1/H2 weighting guidance of 15%:85%.
Chemring also announced that its Australian subsidiary had been awarded two significant contracts: an Undefinitised Contract Action with a Not To Exceed value of US$60.4m and a further (Directed Sole Source) award for US$6.5m. 
'The contracts were from the US DoD to supply countermeasures to the Royal Australian Air Force, US Navy and Foreign Military Sales in support of the F-35 Joint Strike Fighter and other platforms,' the company said.
The group would report its interim results for the six months ended 30 April 2019 on 5 June 2019.

At 8:28am: (LON:CHG) Chemring Group PLC share price was +0.7p at 151.9p

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