StockMarketWire.com - Defence company Chemring raised its dividend after reporting annual results that topped its expectations as profit was boosted by strong performance in both its divisions.

For the year ended 31 October, statutory pre-tax profit rose to £43.3 million from £26.7 million year-on-year as revenue climbed 21% to £402.5 million.

The company said 2020 performance was ahead of the board's expectations with 'strong performance' in its countermeasures and sensors & information segments.

The dividend for the year was 3.9 pence a share, up 8% year-on-year.

'Trading since the start of the current financial year has been in line with expectations,' the company said. 'With 78% of 2021 expected revenue covered by the order book, the board's expectations for 2021 performance remain unchanged.'

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