- Chemring's underlying pre-tax profits rose to £44.1m in the year to the end of October - 30% up on last time.

Operating profits were up 14% at £55.4m, and earnings per share increased 25% to 12.9p.

The board is recommending a final dividend of 2.0p per ordinary share, giving a total dividend of 3.0p per ordinary share (2016: 1.3p).

Group chief executive Michael Flowers said: 'In 2017 the group continued to build on its improved performance of recent years, delivering strong results that exceeded expectations from both a financial and operational performance perspective.

'Significant progress has been made on the Operational Excellence Programme, with tangible sustainable results already delivered and further improvement in the pipeline.

'Improvements from Countermeasures and Sensors, together with the Operational Excellence Programme, are due to offset scheduled reductions in Energetics.

'The Group began the year with approximately £360m of orders due to be recognised as revenue in FY18, representing 70% of targeted FY18 revenues. FY18 trading performance is again likely to have a significant second half weighting. 'Order intake and revenue continues to be solid, and for the longer term, continued progress has been made on all three US Programs of Record, particularly HMDS. 'The Board's expectations for the Group's FY18 performance remain unchanged based on current FX rates.'