StockMarketWire.com - Defence company Chemring raised its dividend after reporting a rise in first-half profit.

The company also announced the acquisition of Cubica group, which would drive further scale in its growing Roke business.

Cubica's capability in machine augmented intelligence and autonomy 'complements Roke's existing capabilities in cyber security, intelligence and electronic warfare, offering customers a force multiplier for their missions,' it added.

For the six months ended 30 April 2021, underlying pre-tax profit rose 12% to £27.2 million year-on-year as revenue increased by 4% to £198.5 million.

Interim dividend increased by 23% to 1.6 pence as the company unveiled a new policy to target a medium-term dividend cover of c.2.5 times underlying EPS.

The company said its full year expectations are unchanged, and approximately 92% of expected H2 revenue is in the order book as at 30 April 2021.





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