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Chemring expects to meet top-end of annual profit view; order intake rises

(Reuters) - British defence contractor Chemring Group CHG.L said on Tuesday it expects to meet the upper end of current analyst expectations for the full year, driven by strong performance in its sensors unit.

Chemring, which provides services to the aerospace, defence and security markets, said it anticipates annual adjusted operating profit to be in the top end of 47 million-53 million pounds ($60.49 million-$68.21 million).

The company said overall order intake in the 10 months to Aug. 31 was 4% higher, with intake for its sensors unit up 32% due to strong demand in the national security domain as well as its U.S. market.

“We have good momentum as we near the end of FY20 and move into FY21 and, despite the near-term uncertainty that COVID-19 presents,” Chief Executive Michael Ord said.

Shares of the London-listed company were up 5.2% at 264 pence at 0708GMT.

Reporting by Shanima A in Bengaluru; Editing by Ramakrishnan M.

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