Chemring Group (LSE:CHG) shares inched up 2.6% after its Roke arm won a "strategically important" UK Ministry of Defence multi-year missile defence contract, worth £251 million over six years.
The framework contract is known as STORM, standing for Science & Technology Oriented Research & development in Missile defence, and encompasses a spectrum of missile defence activities and capabilities.
As the overall prime contractor Roke will work with the UK Missile Defence Centre to "lead a UK sovereign industry collaborative effort to provide security to the UK and its allies, by countering current and future threats, including ballistic and hypersonic missiles", the company said.
The contract begins immediately, with Roke delivering some of its own products and services of the contract and also managing other industry partners.
Chemring CEO Michael Ord said: "This contract recognises Roke's heritage in helping customers solve complex problems, and places Roke at the heart of the UK's missile defence research and development activities."