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.
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
-
Card Factory is a stand-out small-cap going cheapIn a digital world, we still value the personal touch. That’s good news for Card Factory, whose unique business model is suited to weather all economic storms
-
8 of the best smallholdings for sale nowThe best smallholdings for sale – from a medieval cross-passage farmhouse in Taunton, Somerset, to a former farmhouse with an orchard in the Welsh Marches
