Chemring Group

CHG · Main Market · Industrial Goods and Services · mcap £1,382m · 516.5p

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Financials · balance sheet 30 Apr 26 · last twelve months · today’s market value

Source: results 02 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,397m
Owner’s net cash: −£129.4m
Net cash / market cap: -9%
EV ex leases: £1,527m
Revenue: £512.0m
Operating profit: £66.2m
Free cash flow after leases: −£18.6m
EV / EBIT: 23.1×
FCF yield: -1.3%
Price / tangible book: 6.13×
Net income (owners): £33.9m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 Apr 26 (six months to 30 Apr 26), published 02 Jun 26 · read the results ↗

Source ↗

	Unaudited Half year to 30 April 2026 £m	Unaudited Half year to 30 April 2025 £m	Audited Year to 31 Oct 2025 £m
Continuing operations
Revenue	237.3	222.8	497.5
Operating profit	21.7	28.9	73.4
Finance expense	(2.9)	(3.0)	(5.7)
Profit before tax	18.8	25.9	67.7
Tax charge on profit	(4.6)	(5.7)	(14.4)
Profit after tax for the period	14.2	20.2	53.3
Discontinued operations
(Loss)/profit after tax from discontinued operations	(8.1)	0.2	(5.1)
Profit after tax for the period	6.1	20.4	48.2
Earnings per ordinary share
Continuing operations
Basic	5.2p	7.5p	19.7p
Diluted	5.1p	7.3p	19.3p
Continuing operations and discontinued operations
Basic	2.2p	7.5p	17.8p
Diluted	2.2p	7.4p	17.5p

Source ↗

	Unaudited As at 30 April 2026 £m	Unaudited As at 30 April 2025 £m	Audited As at 31 Oct 2025 £m
Non-current assets
Goodwill	98.5	97.3	99.6
Development costs	19.9	18.9	20.2
Other intangible assets	42.1	27.9	43.7
Property, plant and equipment	387.9	303.8	354.7
Derivative financial instruments	7.3	-	1.9
Retirement benefit surplus	0.6	-	-
Deferred tax	11.4	9.6	11.2
Total non-current assets	567.7	457.5	531.3
Current assets
Inventories	167.3	150.5	143.2
Trade and other receivables	122.8	115.5	110.5
Cash and cash equivalents	44.7	22.6	65.3
Current tax	-	1.0	-
Derivative financial instruments	3.7	2.3	2.5
Total current assets	338.5	291.9	321.5
Assets classified as held for sale	1.9	5.7	10.3
Total assets	908.1	755.1	863.1
Current liabilities
Borrowings	(65.6)	(3.4)	(47.2)
Lease liabilities	(3.5)	(2.8)	(3.1)
Government grants	(8.4)	-	(0.4)
Contract liabilities	(45.3)	(29.9)	(38.4)
Trade and other payables	(109.8)	(83.4)	(99.4)
Provisions	(4.6)	(3.4)	(8.1)
Current tax	(6.7)	-	(3.9)
Derivative financial instruments	(0.7)	(0.7)	(0.8)
Retirement benefit deficit	-	-	(0.1)
Total current liabilities	(244.6)	(123.6)	(201.4)
Non-current liabilities
Borrowings	(108.5)	(98.0)	(91.6)
Lease liabilities	(11.5)	(11.6)	(12.4)
Government grants	(53.3)	(35.5)	(48.0)
Contract liabilities	(80.8)	(93.7)	(85.6)
Provisions	(13.1)	(16.3)	(13.5)
Deferred tax	(27.4)	(23.7)	(28.5)
Derivative financial instruments	(0.1)	(0.1)	-
Preference shares	(0.1)	(0.1)	(0.1)
Total non-current liabilities	(294.8)	(279.0)	(279.7)
Total liabilities	(539.4)	(402.6)	(481.1)
Net assets	368.7	352.5	382.0
Equity
Share capital	2.7	2.7	2.7
Share premium account	309.3	309.1	309.2
Special capital reserve	13.0	13.0	13.0
Translation reserve	(22.9)	(27.4)	(21.4)
Retained earnings	66.6	55.1	78.5
Total equity	368.7	352.5	382.0

Source ↗

	Unaudited Half year to 30 April 2026 £m	Unaudited Half year to 30 April 2025 £m	Audited Year to 31 Oct 2025 £m
Cash flows from operating activities
Cash generated from underlying operations	15.9	32.3	112.2
Cash impact of non-underlying items	(0.6)	(1.5)	(3.6)
Cash (utilised in)/generated from discontinued underlying operations	1.1	(0.6)	(0.5)
Cash impact of discontinued non-underlying items	(4.0)	(0.3)	(2.8)
Cash flows from operating activities	12.4	29.9	105.3
Retirement benefit deficit receipts/(contributions)	0.3	(0.2)	(0.9)
Tax paid	(1.3)	(11.5)	(13.3)
Net cash inflow from operating activities	11.4	18.2	91.1
Cash flows from investing activities
Purchases of intangible assets	(2.0)	(5.5)	(12.1)
Purchases of property, plant and equipment	(39.9)	(39.2)	(90.2)
Capitalised interest	(2.1)	(1.4)	(3.2)
Grant funding	3.9	12.9	23.5
Acquisition of subsidiary net of cash acquired	-	-	(13.5)
Proceeds on disposal of subsidiary	-	-	6.6
Net cash outflow from investing activities	(40.1)	(33.2)	(88.9)
Cash flows from financing activities
Dividends paid	(14.4)	(14.2)	(21.5)
Purchase of own shares	(7.8)	(6.4)	(6.6)
Proceeds for transactions in own shares	-	-	0.9
Paid accrued dividends on shares	(0.4)	(0.3)	(0.3)
Finance expense paid	(2.5)	(0.7)	(3.3)
Capitalised facility fees paid	-	-	(1.4)
Drawdown of borrowings	50.0	105.0	145.0
Repayments of borrowings	(33.3)	(50.0)	(70.0)
Payment of lease liabilities	(1.9)	(1.3)	(2.8)
Net cash inflow/(outflow) from financing activities	(10.3)	32.1	40.0
(Decrease)/Increase in cash and cash equivalents	(39.0)	17.1	42.2
Cash and cash equivalents at beginning of period/year	44.8	2.0	2.0
Effect of foreign exchange rate changes	(0.1)	0.1	0.6
Cash and cash equivalents at end of period/year*	5.7	19.2	44.8

Source ↗

	2025 £m	2024 1 £m
Continuing operations
Revenue	497.5	488.3
Operating profit	73.4	56.6
Finance expense	(5.7)	(4.8)
Profit before tax	67.7	51.8
Tax charge on profit	(14.4)	(10.3)
Profit after tax for the period	53.3	41.5
Discontinued operations
Loss after tax from discontinued operations	(5.1)	(2.0)
Profit after tax for the period	48.2	39.5
Earnings per ordinary share
Continuing operations
Basic	19.7p	15.2p
Diluted	19.3p	14.9p
Continuing operations and discontinued operations
Basic	17.8p	14.5p
Diluted	17.5p	14.1p

Source ↗

	2025 £m	2024 £m
Non-current assets
Goodwill	99.6	98.5
Development costs	20.2	18.6
Other intangible assets	43.7	10.0
Property, plant and equipment	354.7	287.8
Derivative benefit plus	1.9	-
Retirement benefit surplus	-	0.1
Deferred tax	11.2	7.3
Total non-current assets	531.3	422.3
Current assets
Inventories	143.2	127.1
Trade and other receivables	110.5	91.0
Cash and cash equivalents	65.3	45.0
Derivative financial instruments	2.5	0.9
Total current assets	321.5	264.0
Assets classified as held for sale	10.3	5.8
Total assets	863.1	692.1
Current liabilities
Borrowings	(47.2)	(43.0)
Lease liabilities	(3.1)	(2.1)
Government grants	(0.4)	-
Contract liabilities	(38.4)	(26.6)
Trade and other payables	(99.4)	(85.1)
Provisions	(8.1)	(3.2)
Current tax	(3.9)	(8.8)
Derivative financial instruments	(0.8)	(1.5)
Retirement benefit surplus	(0.1)	-
Total current liabilities	(201.4)	(170.3)
Non-current liabilities
Borrowings	(91.6)	(43.7)
Lease liabilities	(12.4)	(8.9)
Government grants	(48.0)	(24.0)
Contract liabilities	(85.6)	(51.6)
Provisions	(13.5)	(16.7)
Deferred tax	(28.5)	(17.6)
Derivative financial instruments	-	(2.9)
Preference shares	(0.1)	(0.1)
Total non-current liabilities	(279.7)	(165.5)
Total liabilities	(481.1)	(335.8)
Net assets	382.0	356.3
Equity
Share capital	2.7	2.7
Share premium account	309.2	309.0
Special capital reserve	13.0	13.0
Translation reserve	(21.4)	(20.7)
Retained earnings	78.5	52.3
Total equity	382.0	356.3

Source ↗

	2025 £m	2024** £m
Cash flows from operating activities
Cash generated from continuing underlying operations	112.2	93.9
Cash impact of continuing non-underlying items	(3.6)	(2.5)
Cash (utilised in)/generated from discontinued underlying operations	(0.5)	0.6
Cash impact of discontinued non-underlying items	(2.8)	(1.5)
Cash flows from operating activities	105.3	90.5
Retirement benefit deficit contributions	(0.9)	(3.0)
Tax paid	(13.3)	(6.5)
Net cash inflow from operating activities	91.1	81.0
Cash flows from investing activities
Purchases of intangible assets	(12.1)	(4.8)
Purchases of property, plant and equipment	(90.2)	(63.0)
Capitalised interest	(3.2)	(1.8)
Grant funding	23.5	22.0
Acquisition of subsidiary net of cash acquired	(13.5)	-
Proceeds on disposal of subsidiary	6.6	-
Net cash outflow from investing activities	(88.9)	(47.6)
Cash flows from financing activities
Dividends paid	(21.5)	(19.6)
Purchase of own shares	(6.6)	(41.0)
Proceeds for transactions in own shares	0.9	0.9
Paid accrued dividends on shares	(0.3)	(0.2)
Finance expense paid	(3.3)	(4.0)
Capitalised facility fees paid	(1.4)	(0.8)
Drawdown of borrowings	145.0	100.0
Repayments of borrowings	(70.0)	(70.1)
Payments of lease liabilities	(2.8)	(2.5)
Net cash inflow/(outflow) from financing activities	40.0	(37.3)
Increase/(decrease) in cash and cash equivalents	42.2	(3.9)
Cash and cash equivalents at beginning of the year	2.0	6.4
Effect of foreign exchange rate changes	0.6	(0.5)
Cash and cash equivalents at end of the year*	44.8	2.0

	LTM Apr 26	FY Oct 25	FY Oct 24
Revenue to operating profit
Revenue	512.0	497.5	488.3
Adjusted EBITDA	98.0	98.6	91.5
Adjusted operating profit	71.5	73.5	69.6
Operating profit	66.2	73.4	56.6
Depreciation (owned assets)	–	22.8	20.4
Share-based payments	–	5.1	5.8
Operating profit to net income
Finance costs	(5.6)	(5.7)	(4.8)
Profit before tax	60.6	67.7	51.8
Tax	(13.3)	(14.4)	(10.3)
Net income (owners)	33.9	48.2	39.5
Discontinued operations	(13.4)	(5.1)	(2.0)
Per share
EPS basic	12.5p	17.8p	14.5p
EPS diluted	12.3p	17.5p	14.1p
Dividend per share	8.1p	8.0p	7.8p

	H1 Apr 26	vs H1 Apr 25	H2 Oct 25	H1 Apr 25
Revenue to operating profit
Revenue	237.3	+7%	274.7	222.8
Adjusted EBITDA	38.2	−2%	59.8	38.8
Adjusted operating profit	24.5	−8%	47.0	26.5
Operating profit	21.7	−25%	44.5	28.9
Operating profit to net income
Finance costs	(2.9)	−3%	(2.7)	(3.0)
Profit before tax	18.8	−27%	41.8	25.9
Tax	(4.6)	−19%	(8.7)	(5.7)
Net income (owners)	6.1	−70%	27.8	20.4
Discontinued operations	(8.1)	n/m	(5.3)	0.2
Per share
EPS basic	2.2p	–	10.3p	7.5p
EPS diluted	2.2p	–	10.1p	7.4p
Dividend per share	2.8p	–	5.3p	2.7p

	LTM Apr 26	FY Oct 25	FY Oct 24
Operating activities
Cash from operations	84.3	91.1	81.0
Interest paid	(5.1)	(3.3)	(4.0)
Tax paid	(3.1)	(13.3)	(6.5)
Investing activities
Capex (PP&E)	(90.9)	(90.2)	(63.0)
Capex (intangibles)	(8.6)	(12.1)	(4.8)
Financing activities
Lease principal paid	(3.4)	(2.8)	(2.5)
Dividends paid	(21.7)	(21.5)	(19.6)
Share buybacks	(8.0)	(6.6)	(41.0)

	H1 Apr 26	vs H1 Apr 25	H2 Oct 25	H1 Apr 25
Operating activities
Cash from operations	11.4	−37%	72.9	18.2
Interest paid	(2.5)	+257%	(2.6)	(0.7)
Tax paid	(1.3)	−89%	(1.8)	(11.5)
Investing activities
Capex (PP&E)	(39.9)	+2%	(51.0)	(39.2)
Capex (intangibles)	(2.0)	−64%	(6.6)	(5.5)
Financing activities
Lease principal paid	(1.9)	+46%	(1.5)	(1.3)
Dividends paid	(14.4)	+1%	(7.3)	(14.2)
Share buybacks	(7.8)	+22%	(0.2)	(6.4)

	30 Apr 26	31 Oct 25	31 Oct 24
Non-current assets
Goodwill	98.5	99.6	98.5
Other intangibles	42.1	43.7	10.0
Property, plant & equipment	387.9	354.7	287.8
Current assets
Inventories	167.3	143.2	127.1
Trade receivables	122.8	110.5	91.0
Cash	44.7	65.3	45.0
Total assets	908.1	863.1	692.1
Current liabilities
Trade payables	109.8	99.4	85.1
Borrowings, current	65.6	47.2	43.0
Lease liabilities, current	3.5	3.1	2.1
Current liabilities	–	201.4	170.3
Non-current liabilities
Borrowings, non-current	108.5	91.6	43.7
Lease liabilities, non-current	11.5	12.4	8.9
Non-current liabilities	–	279.7	165.5
Total liabilities	539.4	481.1	335.8
Equity
Total equity	368.7	382.0	356.3
Net cash and other figures
Net cash / (debt) incl. leases	(144.5)	(89.0)	(52.8)
Order book	1,399.4	1,345.4	1,022.4

	30 Apr 26	31 Oct 25	30 Apr 25	31 Oct 24
Non-current assets
Goodwill	98.5	99.6	97.3	98.5
Other intangibles	42.1	43.7	27.9	10.0
Property, plant & equipment	387.9	354.7	303.8	287.8
Current assets
Inventories	167.3	143.2	150.5	127.1
Trade receivables	122.8	110.5	115.5	91.0
Cash	44.7	65.3	22.6	45.0
Total assets	908.1	863.1	755.1	692.1
Current liabilities
Trade payables	109.8	99.4	83.4	85.1
Borrowings, current	65.6	47.2	3.4	43.0
Lease liabilities, current	3.5	3.1	2.8	2.1
Current liabilities	–	201.4	–	170.3
Non-current liabilities
Borrowings, non-current	108.5	91.6	98.0	43.7
Lease liabilities, non-current	11.5	12.4	11.6	8.9
Non-current liabilities	–	279.7	–	165.5
Total liabilities	539.4	481.1	402.6	335.8
Equity
Total equity	368.7	382.0	352.5	356.3
Net cash and other figures
Net cash / (debt) incl. leases	(144.5)	(89.0)	(93.3)	(52.8)
Order book	1,399.4	1,345.4	1,296.0	1,022.4

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