We enjoy market-leading positions, often sole source and qualified on a particular platform, with a wide range of governments and blue-chip companies around the world. Our core competencies include:

  • The manufacture of specialist materials and devices – military explosives, propellants and pyrotechnic actuators that are used in a wide variety of applications, from artillery rounds and strike missiles to aircrew escape systems and heavy launch space vehicles.
  • Supporting UK intelligence and law enforcement agencies with operational mission support and active cyber defence.
  • Advanced defence technologies including tactical electronic warfare, counter drone and digital battlefield command and control systems.
  • Global leader in the manufacture and development of advanced countermeasures to protect air and naval platforms from the threat of missiles.
  • Highly effective detection systems for the US military to counter the threat of biological warfare agents.

With significant exposure to both short-cycle munitions rearmament and longer-cycle structural changes in defence technology requirements, Chemring is well placed to capitalise on growing European and US defence sector budgets.

Chemring is organised into two sectors:

  • Countermeasures & Energetics
  • Sensors & Information

Results for the year ended 31 October 2025

2025  2024**
Order intake (£m)
 781 649
Revenue (£m) 497.5 488.3
Underlying EBITDA* (£m)
 98.6 91.5
Underlying operating profit* (£m) 73.5 69.6
Underlying profit before tax* (£m) 67.8 64.8
Underlying diluted earnings per share* (pence)
 19.4 18.9
Statutory operating profit (£m)
 73.4 56.6
Dividend per share (pence)
 8.0 7.8
Net debt at 31 October (£m) 89.0 52.8
Order book at 31 October (£m)
 1,345 1,022

* All profit and earnings per share figures relate to underlying measures from continuing operations unless otherwise stated.  
** Information has been re-presented due to a change in classification for discontinued operations.

Highlights

  • Resilient revenue growth of 2% with continued strong momentum in Countermeasures & Energetics, offset by softness in Sensors & Information due to short-term delays in UK Government spending
  • Underlying operating profit margin of 14.8% (2024: 14.3%) reflecting a focus on operational excellence, and Energetics expansion programmes delivering ahead of schedule 
  • Improved cash conversion of 114% (2024: 103%) with continued focus on working capital
  • Net debt was £89.0m (2024: £52.8m), driven by capital investment. Net debt to underlying EBITDA of 0.90x (2024: 0.58x)
  • Another record order book of £1,345m, providing excellent medium-term revenue visibility 
  • Good progress made on capital projects to date with completed programmes delivering ahead of expectations
  • Acquisition of Landguard systems to further enhance and accelerate growth in Roke
  • The Board’s expectations for the Group’s 2026 operating performance remains unchanged. Higher capex and finance charges now expected as a result of increased investment in Norway 
  • Approximately 76% (2024: 77%) of expected 2026 revenue is already covered by the order book