We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

Chemring expects a tough market in 2013

Military equipment maker’s 2012 profit down 42 percent

Article comments

UK-listed military equipment manufacturer Chemring has posted a 42 percent dip in its 2012 profit.

In a statement on Thursday, the company, which endured a difficult year marred by profit warnings, said 2013 would be a tough year as rising expectations for defence cuts in the UK and US was likely to sap market confidence.

In figurative terms, Chemring’s pre-tax profit dipped to £70.1 million in the year ended 31 October, from £120.2 million a year ago. Corporate revenue rose 2 percent to £740.3 million, the company said. It has reduced its final dividend to 4.2 pence per share.

Last year, Chemring issued two profit warnings between August and November and ousted chief executive David Price. He has since been replaced by Mark Papworth who has vowed to simplify Chemring’s management structure and prioritise cash and cost management.

Earlier this month Steve Bowers, previously a finance director at Umeco, was appointed as group FD at Chemring. He replaced interim CFO Nigel Young.



Chemring expects a tough market in 2013
Financial Planning

Budget: What business wants

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..

Unilever reports Q1 sales growth of 3.6%

However, consumer product giant’s turnover hit by 8.9% negative currency impactmore ..

Spirent posts 16% rise in Q1 revenue

Networks testing firm benefiting from 4G rollout in Chinamore ..

Sports Direct posts 10.3% rise in quarterly sales

However, row over pay and investments overshadow sterling performancemore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Digital streamlining of travel and expense claims [Part II]

Concur shows CFOs how to make life easier when the auditors come knockingmore ..

Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

In Depth
Do you have what it takes to become a non-executive?

Do you have what it takes to become a non-executive?

The benefits of board service for CFOs more ..

In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..


* *