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© Reuters. Chemring wins components deal for anti-tank weapons system
Proactive Investors - Chemring Group said its UK subsidiary, Chemring Energetics UK, has won an order worth £43mln for critical components for the Next Generation Light Anti-Tank Weapon system (NLAW).
The deal follows a £229mln contract that was placed with Swedish manufacturer SAAB by the UK Ministry of Defence in December last year.
The UK defence sector group said due to the long lead times of some of the components required to fulfil the order, it expects deliveries under the contract to start in 2024 and continue into 2025 and 2026.
"This significant award maintains and strengthens Chemring's position in the specialist materials and propellants market, which is seeing increased levels of activity as customers re-evaluate their requirements for conventional defence capabilities resulting from the evolving threat environment,” commented Michael Ord, chief executive of Chemring, in a statement.
"Building on our already strong order book this contract increases visibility in our Countermeasures & Energetics segment for FY24 and beyond," he added.
The FTSE 250-listed shares rose 1.29% to 275.00p in opening trade on Wednesday.
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