LONDON (dpa-AFX) - Chemring Group Plc (CHG.L), a British aerospace products and service provider, on Tuesday reported a rise in earnings for fiscal 2022, amidst an increase in revenue and a decline in expenses.
For the 12-month period to October 31, the Romsey-headquartered firm posted a pre-tax income of 51.8 million pounds, compared with 48.8 million pounds a year ago. Underlying profit before tax rose to 62.5 million pounds from 55.9 million pounds of last year.
Post-tax profit was 47.4 million pounds or 16.4 pence per share, higher than 41.5 million pounds or 14.4 pence per share, posted for 2021. Underlying post-tax profit was 56.8 million pounds or 19.7 pence per share.
Operating income stood at 53.3 million pounds, versus 50.4 million pounds of previous year.
Underlying EBITDA moved up to 82.3 million pounds from 76.4 million pounds of previous fiscal.
Finance expense fell to 1.5 million pounds from last year's 1.6 million pounds reported a year ago.
The Group generated revenue of 442.8 million pounds as against 393.3 million pounds of previous year.
For fiscal 2022, the Board has recommended a final dividend of 3.8 pence per share, higher than last year's 3.2 pence per share. If approved, the final dividend will be paid on April 14, 2023 to shareholders of record on March 24, 2023.
Looking ahead, for the fiscal 2023, the company said: 'The Board's expectations for the Group's 2023 performance are unchanged.... The Group order book as at 31 October 2022 was £651m, of which £403m is currently expected to be recognized as revenue in 2023, giving excellent visibility for the full year.'
The company said the balance of its trading performance in 2023 would have a greater bias towards the second half of the financial year as a result of the delays to order intake in 2022 following the US Continuing Resolution.
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