Pyrotechnics and military counter-measures specialist Chemring started Tuesday with a bang after announcing two new orders, one big and one small.
Its Chemring Countermeasures subsidiary has been awarded a five year agreement with the UK Ministry of Defence, worth an initial £21m, to supply infra-red and radar frequency decoy flares.
In the US, its Non-Intrusive Inspection Technology (NITEK) division has been awarded a contract for the ground penetrating radar, Husky mounted detection system. The contract ceiling is $579m with an initial order of $161m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chemring's Chief Executive, Dr David Price, said he was "delighted" with the order and added the detection system "continues to contribute to the safety of US and coalition forces".
Chemring's shares had jumped 16% on the news by 08:37, although the company has had a fraught 12 months, with its stock still down 43.5% since last May.
BS
-
Trump wants to colonise Mars – will it happen?Donald Trump wants to plant the US flag on Mars. Could humans really live there?
-
Klarna postpones US IPO as Trump's tariffs rattle marketsBuy-now-pay-later lender Klarna has postponed its US initial public offering owing to the market turbulence. It is not alone, says Matthew Partridge
