Directors dealings: Chemring chief scoops up shares
Chemring chief Michael Flowers picked up 15,000 shares in his company on 11 August, at an individual price of 133p each, for a total disbursement of £19,950.
Aerospace and Defence
11,828.61
16:38 14/11/24
Chemring Group
360.50p
16:45 14/11/24
FTSE All-Share
4,417.25
16:54 14/11/24
FTSE Small Cap
6,809.22
16:39 14/11/24
The manufacturer of military countermeasures and electronics reported an 11.3% rise in first half 2016 revenues to £180.1m on 20 June, alongside a 23% reduction in net debt to £114.4m.
Despite the above, the company incurred in a loss and management warned that the fiscal year 2016 outturn was likely to be slightly below market expectations.
On 20 July, analysts at JP Morgan raised their target prices for several of the aerospace and defence companies under their coverage.
In Chemring's case they bumped up their target from 124p to 130p.
Overall, they expected several trends to become apparent in the sector after the companies updated investors on their progress in the second quarter or at the half-year stage.
Among those trends, they expected 2016 to mark the trough for the decline in US defence spending which began in 2009 although there was some risk from a "likely" Continuing Resolution in the backhalf of the year, a foreign exchange tailwind from pound weakness and increased IFRS pension deficits.
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