November 15, 2018 / 7:46 AM / a month ago

Chemring Group revenue falls, streamlines Energetics business

Nov 15 (Reuters) - Defence contractor Chemring Group Plc reported lower full-year revenue on Thursday and said it would exit some businesses in its Energetics segment that makes components for explosives as part of a restructuring.

"The future focus within the Energetics segment should be on the niche specialist energetic materials businesses in Chicago, Ardeer and Norway," the company said. bit.ly/2QKrM2O

The segments that Chemring will exit under its Energetics business - which provides components for explosives and other devices - are located in Derby and Florida and will be treated as discontinued in its 2018 financial statements, it said.

Total full-year revenue fell to 436 million pounds ($566.8 million) from 547 million pounds a year earlier.

The company said excluding the impact of the CCM factory blast this year, trading across the group in the fourth quarter was in line with its expectations. ($1 = 0.7692 pounds) (Reporting by Pushkala Aripaka in Bengaluru; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below