Webcast

On 03 June 2025 we announced our interim results.

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A transcript of the webcast can be viewed here

Press Release

Interim results for the six months to 30 April 2025

Results Presentation

Interim results for the six months to 30 April 2025 presentation

Annual Report

Annual Report and Accounts 2024

Interim Results 2025

Key highlights

  • Record H1 order intake of £488m and order book of £1,304m, the highest in Chemring’s history, providing excellent medium-term revenue coverage
  • H1 2025 was in line with the Board’s expectations:
    • Revenue growth of 5%, driven by strong performance within Countermeasures & Energetics, up 20.4%
    • Underlying operating profit margin improving to 11.6% (H1 2024: 11.2%)
  • Good progress made on organic growth projects to date, with £46.1m of capex spent in total during the period
  • Net debt was £93.3m (H1 2024: £75.3m), with the increase as expected given the investment in growth capex. Net debt to underlying EBITDA of 0.95 times (H1 2024: 0.85 times)
  • Interim dividend per share of 2.7p, up 4% (H1 2024: 2.6p)
  • £3.3m deployed into the £40m share buyback programme announced on 26 February 2025
  • The Board’s expectations for 2025 are unchanged, with a similar H2 weighting of operating profit to last year (as previously guided). Approximately 85% (H1 2024: 96%) of expected 2025 revenue was delivered or in the order book at 30 April 2025
  • The Group’s longer-term growth prospects are strong, underpinned by robust customer demand for our market-leading products and services, high barriers to entry across our market segments, and a high quality pipeline of organic and inorganic growth opportunities

Group Chief Executive statement

“Our 2024 momentum has continued into this year with another period of record order intake and an order book of over £1.3bn, increasing 2025 order cover to 85%. With this robust demand and trading environment the Board’s expectations for the full year are unchanged.

“Operational and trading performance has been in line with our expectations, with improving returns for our shareholders underpinned by solid cash conversion. Both sectors benefitted from the receipt of several significant orders in the period, evidencing confidence in our market leading products and services.

“With growing geopolitical uncertainty resulting in increased defence expenditure, particularly across NATO, the Group is well positioned, with a strong and sustainable platform to increase revenue to £1bn by 2030.”

Outlook – full year and longer term

The Board’s full year expectations are unchanged, supported by order coverage at 30 April 2025 of 85% of expected 2025 revenue, and with a similar H2 weighting of operating profit to last year as previously communicated in February 2025.

The market backdrop for defence is increasingly robust. The Group’s longer-term growth prospects are strong, underpinned by robust activity levels, our leading technological offerings, our people, our order book and pipeline of further opportunities, high barriers to entry, the investments we continue to make in our strong, high-quality business and the potential for further bolt-on opportunities over time.

The Group remains on track to achieve its ambition to increase the Group’s annual revenue to c.£1bn by 2030. This makes certain assumptions regarding market sizes, inclusion of some bolt-on M&A and is at current FX rates. The Group will continue to focus on cash generation and maintaining a robust and deployable balance sheet to enable opportunities for further growth.

With market-leading innovative technologies and services that are critical to our customers the Board is confident that Chemring will continue to deliver both robust organic and inorganic growth, balancing near-term performance with longer-term growth and value creation.