Chemring Group Plc (LON:CHG) told investors that its overall performance is slightly ahead of the company’s initial expectations.
Revenue rose by 13% totalling £335.2mln for the twelve months to the end of October, while earnings (underlying EBITDA) increased by 22% to £61.2mln and statutory profit was reported at £31.3mln.
Net debt reduced by 7% to £75.7mln.
"It has been an exceptionally busy year in which we continued to deliver our current mission of building a stronger business,” said Michael Ord, Chemring chief executive.
“We have implemented significant changes to improve safety, strengthen leadership and corporate governance, and embed continuous improvement across the group.
“We have also changed the structure of the business and the way in which we operate. In doing so we are improving the quality of the business and redefining our purpose.”
The company noted that during the year it completed a number of divestments - selling its military products, defence, prime contracts and ordnance business.
Ord added: “With a number of significant operational and strategic milestones achieved this year we have made real progress; moving away from commoditised product lines to focus on higher quality, sustainable business areas where we have a competitive advantage.”
“As we continue to develop, over time our focus will move to strategic opportunities that further enhance the Group's growth potential and the delivery of positive returns for all our stakeholders."