|
|
Article: Chemring shrugs off budget fears.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- June 23, 2009
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Julian Hofmann
RESULT: Impressive organic growth shows there is life after Iraq for Chemring
Although favourable currency movements and acquisitions played a big role in Chemring's solid results, the company still delivered underlying sales growth of 18 per cent, thanks largely to a sparkling performance from the energetics division, which makes propellent and explosives.
Energetics' sales were up 86 per cent to GBP147m, with Simmel Difesa in Italy selling record numbers of illumination and infra-red mortar rounds to the UK. That meant operating profits more than doubled, boosting margins 4 percentage points to a handsome 20 per cent. ...