Defence group Chemring today hailed a strong order intake at its explosives business in Scotland as it reported a bumper set of full year figures.
The group, which employs around 300 staff at its Chemring Energetics business in Stevenston, Ayrshire, said the operation was increasingly securing long-term contracts with customers which was supporting “greater short and medium-term visibility”.
The update came as the group announced sales from continuing operations rose by 13% to £335.2 million in its latest financial year with underlying profit before tax up 58% at £39.4 million. Its order book at the year end stood at £449 million, up from £294 million in 2018.
Michael Ord, group chief executive, said it had been an “exceptionally busy year in which we continued to deliver our current mission of building a stronger business”.
“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.”
Chemring Energetics successfully applied for Scottish Enterprise funding to expand its Stevenston factory, which makes missile and aircraft components such as propellants, rocket motors and explosives. The group does 48% of its business in the US and 21% with countries in the Middle East.
