FINANCIAL PERFORMANCE
|
Year ended
31 Oct 2013 |
Year ended
31 Oct 2012 |
Change |
| |
|
|
|
| Revenue |
£624.9m |
£740.3m |
(15.6)% |
| Underlying operating profit |
£72.1m |
£88.3m |
(18.3)% |
| Underlying operating margin |
11.5% |
11.9% |
|
| Underlying profit before tax |
£52.4m |
£70.1m |
(25.2)% |
| Net debt |
£248.7m |
£244.8m |
1.6% |
| Underlying earnings per share |
21.6p |
28.5p |
(24.2)% |
| Dividend per share |
- final |
3.8p |
4.2p |
(9.5)% |
|
- full year total |
7.2p |
9.5p |
(24.2)% |
| |
|
|
|
| Total operating (loss)/profit |
£(36.9)m |
£37.0m |
|
| Total operating margin |
(5.9)% |
5.0% |
|
| Total (loss)/profit before tax |
£(56.6)m |
£18.8m |
|
| Total (loss)/earnings per share |
(24.6)p |
6.8p |
|
Data above relates to continuing operations only.
Underlying measures referred to in this announcement are stated before costs relating to acquisitions and disposals, business restructuring and incident costs, profit on disposal of businesses, items deemed to be of an exceptional nature, impairment of goodwill and acquired intangibles, impairment of assets held for sale, amortisation of acquired intangibles and gains/losses on the movement in the fair value of derivative financial instruments. A reconciliation of underlying and total operating profit is set out in note 4.
HIGHLIGHTS
- Performance Recovery Programme driving operational improvement
- Strategic Planning Process has determined segmental strategic priorities
- Sale of Chemring Energetic Devices’ US build-to-print business agreed for $10.0 million
- Sale process of other non-core businesses underway
- Husky Mounted Detection System transitioning to a long-term capability for the US military
- Chemring is now a more resilient business, with a clear strategic direction
Peter Hickson, Chemring Group Chairman, commented:
"At the end of a year of significant change, Chemring is now a more resilient business, with a clear strategic direction. Much has been achieved by the new management team during the year, with the positive impact of the Performance Recovery Programme beginning to bear fruit. In addition, the Strategic Planning Process has provided a clear view of the market, competitive dynamics and prospects for each of the businesses, as well as identifying the core markets in which the Group will focus investment.
Chemring will continue to drive improvements in operational performance, and pursue the growth opportunities that exist, particularly within non-NATO markets where defence spending is expected to increase. It will also reshape and strengthen its portfolio of businesses through the disposal of non-core activities and technology investment in those businesses that can achieve sustainable growth and margin improvement. Meanwhile, the Board’s expectations for the current financial year remain unchanged."
For further information:
| Mark Papworth |
Chief Executive, Chemring Group PLC |
01489 881880 |
| Steve Bowers |
Finance Director, Chemring Group PLC |
01489 881880 |
| Rupert Pittman |
Group Director of Communications and Investor Relations,
Chemring Group PLC |
01489 881880 |
Andrew Jaques
John Olsen
James White |
MHP Communications |
0203 128 8100 |
View the full press release in PDF format.