Using our extensive science and engineering expertise, we turn ideas into reality, designing and developing critical solutions that protect and safeguard in an uncertain world.

We achieve this by innovating at every stage of the value chain, from research and development, through to design, manufacture and in-service support for our sensors and detection systems, countermeasures, precision engineering and energetic products.

Our customer base spans national defence organisations, security and law enforcement agencies, as well as commercial markets such as space, medical and transport. We support our customers in more than 50 countries across the globe.

Chemring is organised into two strategic sectors:

  • Sensors & Information; and
  • Countermeasures & Energetics

Results for the year ended 31 October 2023

2023 2022 
Order intake (£m)
 756.4  551.5
Revenue (£m) 472.6  401.0
Underlying EBITDA* (£m)
 88.5  77.3
Underlying operating profit* (£m) 69.2  59.4
Underlying profit before tax* (£m) 67.9 57.9
Underlying diluted earnings per share* (pence)
 20.0  18.5
Statutory operating profit (£m)
 45.4  49.4
Dividend per share (pence)
 6.9  5.7 
Net debt at 31 October (£m) 14.4  7.2
Order book at 31 October (£m)
 921.6  650.9

* All profit and earnings per share figures relate to underlying business performance from continuing operations unless otherwise stated.  

Highlights:

  • 2023 was slightly ahead of the Board’s initial expectations despite foreign exchange headwinds 
  • Record order intake of £756m, with growth across both segments:
    - Order intake for Countermeasures & Energetics was £541m, up 52%, driven by strong demand at our niche  Energetics businesses where order intake was up 161%
    - Order intake for Sensors & Information was £215m, up 10%, with Roke continuing to execute its growth strategy
  • Closing order book at the highest level in over a decade at £922m
  • Roke revenue was up 45% to £160m and order intake up 9% to £183m with the business well positioned to continue its growth trajectory in what continues to be a buoyant market
  • Net debt was £14.4m (2022: £7.2m), with strong operating cash generation and cash conversion of 101% on a rolling 36 month basis (2022: 108%). Net debt to underlying EBITDA was 0.16 times (2022: 0.09 times)
  • £120m capacity expansion plan to 2026 initiated to capitalise on growing demand in the energetics market, delivering expected incremental revenue of £85m per annum from 2026/27
  • £9m deployed in Q4 into the £50m share buyback programme announced on 1 August 2023
  • A buy-in contract was entered into with an insurer in respect of the Group’s defined benefit pension scheme on 28 November 2023, which will remove future risk associated with funding of the scheme
  • Proposed final dividend per share of 4.6p, up 21%, giving a total dividend of 6.9p (2.9 times cover)
  • The Board’s expectations for 2024 are unchanged. Approximately 79% (2022: 86%) of expected 2024 revenue is covered by the order book, with unprecedented cover in Countermeasures & Energetics for 2025 and 2026 at 71% and 65% respectively of expected revenue.