Order intake more than doubles to £358mn, but higher capex will weigh on short-term earnings growth, writes Michael Fahy. Although Chemring’s full-year numbers came in slightly ahead of expectations, the muted reaction from investors is somewhat understandable. Although the company reported an 18 per cent increase in revenue and a 17 per cent jump in underlying pre-tax profit, these were against a revised set of figures that don’t include its explosives hazard detection business, which has been discontinued following a review that concluded there weren’t enough decent opportunities for it to pursue.

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