StockMarketWire.com - Defence technology products group Chemring upgraded its annual profit guidance on the back of a buoyant order intake.

The expected outturn for the year ending 31 October 2020 was expected to be towards the upper end of current analyst expectations for adjusted operating profit of £47m to £53m, the company said.

Order intake to 31 August 2020 was up 4% to £452m, compared with £449m on 31 October 2019, providing full visibility for the remainder of the current financial year based on expected delivery schedules.

Order cover for fiscal 2021 was building, with countermeasures & energetics having 82% order cover of expected revenue and the shorter cycle sensors & information sector having 47% cover, the company said.

'We have good momentum as we near the end of FY20 and move into FY21 and, despite the near-term uncertainty that COVID-19 presents...' the company said.

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