Chemring profits surge on increased military spending by Nato states
Defence group Chemring Group Plc on Tuesday reported a sharp jump in annual profit as governments increased military spending amid the growing threat from Russia and dwindling support from the US under the Trump administration.
Pre-tax earnings for the year to October 31 surged 31% to £67.7m with Chemring's order book up by a fifth to £1.34bn as heightened geopolitical uncertainty drove increased expenditure across its target markets, particularly within Nato countries.
"Chemring is well positioned to capitalise on this demand, which we expect to persist well into the next decade," the company said.
"We have created a strong, sustainable platform for growth and remain committed to our ambition of doubling annual revenue to approximately £1bn by 2030."
Reporting by Frank Prenesti for Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
