Chemring H1 boosts shares

The price of shares in FTSE 250 technology products firm Chemring (LON:CMG) rose by 26.23% to 269.50p (as of 12:10 BST) after revenues from continuing operations for the six months ended 30th April increased by 37%. Statutory operating profits were up by 214% as all businesses remained open despite COVID-19. However, the current situation means that short term guidance has not been offered, but management remained confident that long-term prospects remained strong.

CEO Michael Ord commented: “As a global team we are working to build a stronger and higher quality business, and the resilience the Group has demonstrated during the coronavirus pandemic shows we are making solid progress. Despite the changing and challenging environment in which we are currently working, we have delivered a strong performance in the first half of the year.

“Our sites have remained open and we have made every effort to sustain operations in support of our customers and their essential defence and security missions.

“Safety is our core value, with the health, safety and well-being of our colleagues, their families, our customers and the communities in which we operate being our priority throughout. The response of our people has been outstanding. They have risen to and exceeded the challenge, adapting working environments and practices to minimise the spread of the virus. I would like to thank all of my colleagues across the Group for their commitment, innovation and hard work.

“Noting the challenges presented by the coronavirus pandemic, some positive timing differences which benefited the first half, and with approximately 95% of expected H2 revenue already in the order book or delivered to date, the Board’s expectations for the full year are unchanged“.