Half Year Results 

Chemring takes decisive countermeasures

Chemring takes decisive countermeasures

Chemring’s (CHG) half-year figures were met with approval from analysts at Peel Hunt, who pointed to “a better underlying trading environment overlaid with self-help initiatives that have driven much improved margins and lower net debt”. A net working capital reduction and a 44 per cent fall in finance costs suggest that management has paid due attention to those aspects of the business within its control. It’s just unfortunate that the defence contractor updated the market on the day that reports emerged of a meeting between Theresa May and Gavin Williamson, the Defence Secretary, during which the Prime Minister questioned the UK’s status as a “tier one” military power.

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