Chemring FD Steve Bowers to step down
Chemring said on Wednesday that finance director Steve Bowers is leaving the defence company to take up the role of chief financial officer at law firm Herbert Smith Freehills.
Aerospace and Defence
10,849.11
16:59 26/04/24
Chemring Group
373.50p
16:40 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
FTSE Small Cap
6,484.28
16:59 26/04/24
Bowers will stay on at the company to ensure an orderly transition, with a recruitment process to identify a new group FD already underway.
Chief executive Michael Flowers said: “Steve leaves the group in a much stronger financial position and the board takes this opportunity to thank him for his valuable contribution over the last three years."
Chemring shares tumbled last Tuesday after it reported a wider loss for the first half and said it expects its full-year 2016 results to “slightly below” market expectations amid higher costs and a delayed contract.
The company’s compiled consensus of analysts’ forecasts was for FY16 underlying operating profit of £48.7m.
In the six months to 30 April, the loss before tax widened to £16.8m from £15.1m in the first half of 2015 while the underlying loss before tax came in at £4m from £1.3m. This was despite a jump in revenue to £180.1m from £161.7m.
Chemring’s shares also suffered sharp declines back in March, when it said trading in the first quarter had been below management’s expectations.
At 1250 BST, shares were up 2% to 124.50p.