Chemring orders rise, holds guidance

UK defence company Chemring Group reported a rise in orders and said 90% of expected 2023 revenue was now covered as it held full-year guidance.

The company’s order book was up to £677m at February 26 from £476m a year earlier, with strong demand in active cyberdefense, operational mission support and open-source intelligence services, and space-launch systems.

Chemring added that it expected performance and cash generation to be weighted toward the second half of the year due to order intake delays in 2022 as a result of the US government's extended Continuing Resolution spending bills.

Reporting by Frank Prenesti for Sharecast.com