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Chemring

Flight path adjusted

QuickView | Aerospace & Defence | 18 Jan 2018

Chemring is making strong progress on many fronts as market dynamics begin to play in its favour. It has re-established its financial footing and is positioned to drive growth organically and with selective M&A. FY18 is likely to be one of consolidation due to the profile of the 40mm ammunition contracts, but earnings growth anticipated in Countermeasures and Sensors offsets a fall in Energetics. The operational excellence programme targets a 300bp improvement on existing product lines by 2022.

Avon Rubber

Man down, but progress continues

Flash note | Aerospace & Defence | 18 Oct 2016

The in-line trading statement is overshadowed by the news that Andrew Lewis, CFO for the last eight years, is to leave the company at his own behest. Paul Rayner is to step in as the interim CFO, having previously held roles at Liberty Living, Mouchel and Chemring Group. His experience appears a good fit for Avon's strategy of augmenting organic growth with strategic M&A. As also indicated in the statement, the group finances support the strategy with £2m of net cash in the balance sheet at the year end.

Chemring

Biting the bullet

QuickView | Aerospace & Defence | 29 Oct 2015

Chemring has announced another profit warning, but unlike previously, management appears to be finally setting about rebasing the company for the future. While FY16 expectations look relatively intact, with 75% order book cover for revenues, a standby rights issue should see debt reduce to manageable levels, enabling management to stop looking over its shoulder and focus on the path ahead. Such repositioning should come as a welcome relief to investors.

Chemring

Daily comment

Institutional Comment | Aerospace & Defence | 22 Jan 2015

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Chemring

Daily comment

Institutional Comment | Aerospace & Defence | 26 Nov 2014

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Chemring

Daily Comment

Institutional Comment | Aerospace & Defence | 18 Sep 2014

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Petrofac

Daily comment

Institutional Comment | Engineering | 24 Jun 2014

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Chemring

Daily comment

Institutional Comment | Aerospace & Defence | 24 Jun 2014

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Vectura

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Institutional Comment | Pharmaceutical & healthcare | 24 Jun 2014

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Xaar

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Institutional Comment | Electronics & Electrical Equipment | 24 Jun 2014

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Ryanair

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Institutional Comment | Travel & Leisure | 24 Jun 2014

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Chemring

Clearing the air

Update | Aerospace & Defence | 03 Dec 2012

Chemring's trading update reflected a greater sense of realism from the group, with uncertain contracts pared back and increasing risk premiums attached to order intake. As a result, we are reducing our forecasts again to reflect the uncertain environment in the US and expectations for revenue declines in FY13 as a result of the reduced order backlog. We believe Chemring is in turnaround territory now with expectations being rebased and a starting point from which new CEO Mark Papworth can work from. Although this will be no easy or quick task, we feel that Chemring could provide an opportunity for investors over the coming 12-18 months, however until we receive greater clarity on the operational priorities and strategy starting in January, we believe it continues to be too early to invest.