LONDON (dpa-AFX) - Aerospace company Chemring Group plc (CHG.L), in its update on COVID-19, said it continues to see positive momentum across the firm and improving order book, despite market uncertainty due to the pandemic. The company further said its long-term prospects remain strong.
The company said in a statement, 'In the longer term, Chemring is well placed, with a robust strategy, market-leading positions across different geographies and sectors, and with products and services that are critical to our government and blue-chip customers.'
In the US, the UK and Norway, Chemring's operations have been designated as critical to the defence and national security industrial base.In Australia, the risk of business interruption is considered to be low. All businesses remain open, with business continuity plans mobilised at every location.
As announced on March 4, the company has a strong order book with order cover for the 2020 financial year of almost 90% at that time. Since then, order placement has continued.
The company said it has committed revolving credit facilities totaling approximately 150 million pounds.
Given the uncertainty surrounding the length of the CV-19 pandemic, the company has taken various actions to protect profitability and to conserve cash.
Further, Chemring said its FY19 final dividend of 2.4 pence was approved by shareholders at the Annual General Meeting on March 4. The dividend will be paid on April 24 to those shareholders who were on the register on April 3.
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