A subsidiary of Chemring Group has been awarded a further delivery order to provide spares for the Husky Mounted Detection System (HMDS) for the US Army.
The order, worth $24m, supplements the $9.0m order received by the UK-based Non-Intrusive Inspection Technology (NITTEK) subsidiary in February.
Both orders form part of the $579m multi-year HMDS Ground Penetrating Radar Indefinite-Delivery/Indefinite-Quantity (IDIQ) contract that was awarded on April 30th 2012.
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
Mark Papworth, Chief Executive of Chemring, said: "NIITEK's HMDS products perform an essential role in protecting troops against the threat of improvised explosive devices. We are delighted that these additional delivery orders enable us to continue our proven support to the US Army, and that NIITEK will continue to deliver critical spares to ensure their fleet is mission ready."
All of the ordered items are due to be delivered on a firm fixed price basis by April of next year.
The share price rose 2.54% to 266.80p by 08:41 on Wednesday.
NR
-
Why CEOs deserve a pay riseOpinion The CEOs of big companies often come under fire for being grossly overpaid. But the truth, as per some economists, is the opposite. Do they merit a pay rise?
-
Europe prepares to stand alone as Trump turns on UkraineSupport for old military alliances is wavering in the US under Donald Trump. Europe’s leaders are rushing to fill the void. Simon Wilson reports
