Web Page sponsored by Odyssey Corporate Finance
Contact: Tom McCarthy, Director, Odyssey Corporate Finance
M: 07867 459 600
D: 0121 503 2375
E: tom@odysseycf.com
www.odysseycf.com
———————————————————————
21 Jun 17. Chemring Interim Results, 6 Months to 30 April 2017.
Highlights:
• Operational and financial performance continues to progress in line with expectations, with improved first half weighting delivering underlying operating profit of £17.2m
• Net debt increased since year end to £111.7m reflecting investment in working capital in Energetics segment and improvements to supplier payment practices
• Safety performance continues to be strong
• Operational Excellence Programme underway with initiatives launched in support of lean operations, supply chain management, integrated sales and marketing operations and safety maturity
• Site consolidation restructuring programme on schedule
• Key US programmes continue to develop, with significant achievements on F-35 and HMDS programmes
• Return on sales improved to 6.9% (H1 2016: 2.1%), driven by greater operational consistency across the Group
• Order intake in H1 of £217.9m (H1 2016: £173.8m). Order book at half year £556.2m (FY 2016: £592.9 m), of which approximately £260m is currently expected to be recognised as revenue in H2 2017, representing cover of approximately 85% of expected H2 revenues
• Board declared interim dividend of 1.0p per share (H1 2016: nil)
21 Jun 17. Ultra Electronics Holdings plc, Pre-Close Trading Statement. Ultra, the international defence, security, transport and energy Group, today issues its scheduled pre-close trading statement, ahead of its Interim Results for 2017.The Group’s half-year trading performance is in line with management expectations. As previously indicated, 2017 will be more heavily weighted to the second half than normal. As stated in the 6 March 2017 results announcement and based on the same £/US$ assumption, the Board remains confident of making further progress in 2017; our expectations for the full year remain unchanged. Full year cash conversion remains in-line with previous guidance. Market conditions remain as noted on 6 March 2017. The US 2017 budget was approved in early May and prior to this the US Government had been operating under a Continuing Resolution (“CR”). The delay in approving the budget has meant that US orders have been deferred to the end of the first half and second half of this year, resulting in the second half bias mentioned above. Despite the CR there has been positive momentum in the order intake, with the book-to-bill ratio reaching a pleasing 1.1 times as at the end of May 2017. Ultra’s interim results announcement for the six months ending 30 June 2017 will be on 7 August 2017.
21 Jun 17. Safran Electronics & Defense has purchased the French company ISEI, specialized in flight data acquisition systems and associated services for helicopters and light airplanes. The agreement for the sale was signed today at the Paris Air Show by Jean-Claude Marcellet, President of ISEI, and Martin Sion, Chief Executive Officer of Safran Electronics & Defense. With this acquisition, ISEI’s systems will be added to the Cassiopée product range from Safran Electronics & Defense, designed to enhance operational efficiency for airlines and other operators.
ISEI’s systems are proven in operation and certified. They are used to collect and record flight data (including engine and airframe readings, vibration measurements, etc.), then transmit this data to processing stations via satellite links, or via ground WiFi, Bluetooth and 3G networks. These systems are an integral part of today’s revolution in in-flight connectivity and data management, and will help increase the accuracy of engine and airframe tracking, thus improving flight safety and reducing operating costs.
Following the signature of this agreement, Florence Minisclou, Vice Pres