Chemring profits from defence boom
By Francesca Washtell
CHEMRING is set to record its highest profit in about a decade, after the war in Ukraine prompted a flurry of defence spending.
The FTSE 250-listed company, whose results are out next week, is expected to have made £65million in the financial year to October, according to estimates from Refinitiv, a provider of financial market data.
Chemring’s business has been boosted by a rise in Western governments’ defence spending following Russia’s invasion of Ukraine and heightened geopolitical tensions in the Asia-Pacific region.
The company, whose order book was at record levels earlier this year, makes materials and components for missile systems, explosives and propellants.
It announced a £50million share buyback programme in August.
Chemring’s shares have risen by 11 per cent this year and it is now valued at more than £900 million. Fellow London-listed defence firms including BAE Systems have also seen profits soar.
Financial Mail On Sunday
en-gb
2023-12-10T08:00:00.0000000Z
2023-12-10T08:00:00.0000000Z
https://mailonline.pressreader.com/article/283150023473115
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