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Chemring - Eps forecasts raised 10% to 101p

March 2007

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Forecast beating results on 23 January, followed by immediate broker upgrades, were enough to send shares in Chemring spiralling to a new high of 1842p, leaving them well ahead of the 1057p at which we recommended them last April. For the year ended 31 October, sales increased 55% to £188m while pretax profit rose 66% to £31.8m. Earnings rose 51% to 70.3p, effectively achieving its original 2007 forecasts one year early. Chemring’s leading countermeasures division, which supplies decoys such as flares and chaff to protect aircraft from missile attacks, grew turnover by 30% to £118m while operating profit increased 39% to £34m, with margins rising from 27% to 28.6%. As the world leader in countermeasu ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Chemring - Eps forecasts raised 10% to 101p

March 2007

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