INTERIM MANAGEMENT REPORT

Group overview

The Group has recorded a good first half performance. Revenue was up 4% to £198.5m (H1 2020: £191.0m, 2020: £402.5m) and underlying operating profit was up 10% to £28.1m (H1 2020: £25.6m, 2020: £54.7m). Underlying earnings per share was up 20% to 8.5p (H1 2020: 7.1p, 2020: 15.1p). The Board's expectations for the full year remain unchanged (at current foreign exchange rates).

The US dollar has weakened in the period with the average exchange rate to GBP increasing from 1.28 to 1.39, resulting in significant headwind. In the first half, 54% of the Group's revenue was US dollar denominated (H1 2020: 48%, 2020: 54%), the increase in weighting being attributable to the ramp up of the supply of countermeasures for the F-35 Lightning II ("F-35") programme. On a constant currency basis the Group's revenue was up 8% to £206.3m, underlying operating profit was up 16% to £29.6m and underlying earnings per share was up 27% to 9.0p. A summary of the impact of the exchange rate movements on the key metrics at a Group and segmental level is shown in the table below.

In the Sensors & Information segment, Roke has again recorded double digit growth in orders, revenue and operating profit, with the market continuing to be buoyant. In addition, there has been continued progress on the US Sensors Programs of Record with further delivery orders received for the next phase of the Husky Mounted Detection System ("HMDS") Indefinite Delivery / Indefinite Quantity ("IDIQ") contract, valued at $63m, under the $200m IDIQ contract announced in September 2020. 

In Countermeasures & Energetics, good progress was made on securing new long-term contracts, including Chemring Countermeasures USA receiving a five-year IDIQ contract for the supply of infra-red decoy flares and Chemring Energetics UK securing a 15 year long-term partnering agreement with Martin Baker Aircraft Company. The capital investment programmes are progressing as planned.

Net debt was £38.7m at the end of the period (H1 2020: £60.6m, 2020: £48.2m). The high level of capital expenditure has been funded by continued strong operational cash generation. Underlying operating cash inflow of £36.1m (H1 2020: £56.2m, 2020: £82.4m) represented 96% (H1 2020: 160%, 2020: 110%) of underlying EBITDA. Our two year rolling average cash conversion has been 105% (H1 2020: 117%, 2020: 108%), showing the ongoing focus on working capital improvements is delivering long-term, sustainable positive results.

The Group's order book at 30 April 2021 was £450m (H1 2020: £504m, 2020: £476m), of which approximately £199m is scheduled for delivery during H2 2021. This represents cover of approximately 92% of expected H2 revenue. The decrease versus the 2020 year end closing order book is partly attributable to foreign exchange; on a constant currency basis using the 2020 closing exchange rates the order book would be £464m. The remaining decrease is largely attributable to the delivery of a substantial part of the $107m F-35 two-year countermeasures contract by our Australian business.

This leaves £251m of order book to be delivered in FY22 and beyond. At this stage, this provides approximately 50% cover of expected FY22 Countermeasures & Energetics revenue and 30% cover of expected FY22 Sensors & Information revenue, with approximately £70m then to be delivered in FY23.

Markets

With negligible exposure to commercial aerospace markets, Chemring is not experiencing significant adverse impacts from Covid-19 ("CV-19"). Global defence and national security spending is projected to be robust given continued geopolitical tensions and customers investing to increase their resilience against a broad spectrum of conventional and sub-threshold ("Grey Zone") threats. With this context, solid demand for the Group's differentiated and niche capabilities continues to be expected across its principal markets.

The US remains the largest defence and security market in the world, and continues to be the biggest market opportunity for the Sensors & Information segment. The US$715bn FY22 President's Budget Request for the US Department of Defense ("US DoD") identifies a need to modernise information and cyber security systems, has a focus on research and development ("R&D") for new technologies, and specifically highlights the need to counter emerging biological threats. For this latter priority threat reduction, infectious disease surveillance, biosecurity, and medical countermeasure R&D will be critical and Chemring's capabilities make us well placed to benefit from these emerging requirements.

Our strategy for Energetics remains to focus on the high value differentiated areas of the market where market demand is most robust. Our Chicago facility is anticipated to benefit from growth in the space segment.

In the UK, the Integrated Review, Defence Command Paper, and Defence and Security Industrial Strategy were published in March 2021. These documents provide a comprehensive view of the threats and challenges that the UK faces, and collectively aggregate to produce a resilience-based policy framework that fuses defence and security drivers with prosperity drivers. 

The Group's capabilities are well aligned to the UK's priorities for modernising and defeating the threats and challenges identified therein. The clear emphasis placed on cyber security, active cyber effects, secure networks, secret cloud, artificial intelligence, data science and autonomy validate our Sensors & Information segment strategy, and should increase the opportunity space for Roke to deploy its market leading technologies.

The increased investment for developing UK Electronic Warfare ("EW") capability also generates opportunity for the Group and the general greater convergence between EW and Cyber is consistent with our Sensors & Information strategy.

For the Countermeasures & Energetics segment the documents also contain a commitment for the UK to expand its number of F-35 aircraft beyond the 48 already ordered. As a provider of countermeasures for this platform Chemring is well positioned to benefit from this increase which will contribute to us maintaining our market leading position in the addressable air countermeasures market.

Environmental, Social and Governance

At Chemring we acknowledge our responsibility to contribute to a sustainable future.  We have a strong and recognised obligation to ensure the responsible operation of our business and are fully committed to being a socially and environmentally responsible business.

During the first half of FY21 we have built on the progress made during FY20 as we manage our sustainability agenda, and in particular our environmental, social and governance ("ESG") related risks.

A core activity has been to continue the process of building and validating data in order to set appropriate near and medium-term targets. This has been coupled with an assessment to identify significant topics for our employees, customers, suppliers and investors, and to identify those areas and activities where our actions can have greatest impact. Key focus areas include health and safety, diversity and inclusion, reducing climate change, and employee wellbeing. Our goal is to be able to announce these targets in our FY21 annual report and accounts, so that as we enter FY22 our strategy and intent is clearly understood.

Health, safety and environment

Safety is one of the core values within Chemring. A key part of our Health, Safety & Environmental ("HSE") strategy is the collation and analysis of data at every level to focus on the underlying causes of incidents. This will facilitate appropriate decision making at all levels of our organisation.

Through the use of enhanced risk assessment techniques, supported by the roll out of a common asset integrity programme, we will focus on the control of residual risks within our high hazard processes.

In addition, we are extending our current data platform to better assess the environmental impact of our operations and the targets we need to set in support of our wider ESG commitment. Whilst working towards creating a more calculative culture we are also keen to ensure that we understand and learn more from any incident. To date good progress has been made on our journey to become a high reliability organisation.                      

Health - 2021 has seen a continued focus on CV-19 with the Crisis Management Team meeting regularly to monitor the situation. To ensure we adhere to the required in-country standards, Chemring has remained agile in its response through the implementation of its CV-19 playbook. Throughout the pandemic we have had over 1,700 colleagues attending our sites daily and working under social distancing and CV-19 protocols to protect them. Chemring continues to work to Government guidelines.

Safety - The successful implementation of our HSE strategy continues, as does our focus of achieving zero harm. Our safety performance in terms of recordable injury rates (Total Recordable Injury Frequency Rate) at 0.66 versus 1.13 shows a 42% decrease on the same period last year. The nature of most injuries were either slips, trips and falls, or muscular skeletal type of events. 

Cultural Change - Safety and our goal of zero harm remains one of our core values which will be achieved through establishing and embedding a culture of high reliability. So far this year we have focused on the steps required to ensure we become a more learning organisation through shared and embedded learning associated with the control and interaction of people, plant and process.

Financial performance and position

Group financial performance

Against a strong comparator period in which our Australian business received a $107m multi-year undefinitised contract for the supply of countermeasures for the F-35, order intake for H1 2021 was down 24% to £190m (H1 2020: £250m, 2020: £437m). Excluding the impact of this, order intake across the Group has remained robust, with the release of further delivery orders on the HMDS IDIQ contract as well as orders awarded to the US countermeasures businesses. Following the change of administration in the US, Brexit in the UK and the continuation of CV-19 working restrictions, the process of doing business with government departments has, on some occasions, slowed and as a result some Countermeasures & Energetics orders expected late in the first half have been delayed. Given the level of order book coverage of second half revenue, this is not expected to impact FY21 results.

Revenue for the period was up 4% to £198.5m (H1 2020: £191.0m, 2020: £402.5m), driven by strong performance in the Sensors & Information segment. As expected, we continued to see growth in Countermeasures & Energetics revenue, however this was offset by a foreign currency headwind. While the CV-19 pandemic does present a risk to short-term deliveries due to customer testing and acceptance procedures, there was no material evidence of this during the first half.

The underlying operating profit of £28.1m (H1 2020: £25.6m, 2020 £54.7m) resulted in an underlying operating margin of 14.2% (H1 2020: 13.4%, 2020: 13.6%). The improved margin compared to H1 2020 primarily reflects the growth of the higher margin Sensors & Information segment and the continued focus on improved operational execution throughout the Group.

Foreign exchange translation has provided a headwind to operating profit versus the same period last year. While exchange rates have been volatile in the period, there has been a weakening of the US dollar against Sterling compared to the equivalent period in 2020 with the average rate moving from $1.28 to $1.39. On a constant currency basis, restating the current period at the H1 2020 average rate, revenue would have risen 8% to £206.3m and underlying operating profit would have risen 16% to £29.6m.

Total finance expense was lower at £0.9m (H1 2020: £1.4m, 2020: £3.0m). This was achieved by lower levels of net debt throughout the period and the continued focus on the efficient management of working capital.

Underlying profit before tax was £27.2m (H1 2020: £24.2m, 2020: £51.7m). The effective tax rate on the underlying profit before tax was 12.1% (H1 2020: 17.8%, 2020: 17.6%). The reduction in rate is due to the recognition of a deferred tax asset in respect of future US interest deductions. The underlying earnings per share was 8.5p (H1 2020: 7.1p, 2020: 15.1p).

Statutory operating profit was £25.2m (H1 2020: £20.4m, 2020: £46.3m) and after statutory finance expenses of £0.9m (H1 2020 £1.4m, 2020: £3.0m), statutory profit before tax was £24.3m (H1 2020: £19.0m, 2020: £43.3m) giving a statutory earnings per share of 7.6p (H1 2020: 5.8p, 2020: 12.3p). The statutory profit from discontinued operations was £nil (H1 2020: £0.2m loss, 2020: £nil) giving a statutory profit after tax of £21.4m (H1 2020: £16.1m, 2020: £34.7m) from continuing and discontinued operations. The impact of non-underlying items on statutory profit measures is provided in note 3. The non-underlying costs in H1 2021 related to the amortisation of acquired intangibles and the tax credit associated with this as well as a gain on the movement in the fair value of derivative financial instruments.

Segmental review - Sensors & Information

Performance

Order intake in the period grew by 15% to £100m (H1 2020: £87m, 2020: £149m). This was driven by further orders on the US Programs of Record and a strong period at Roke in the UK.

Revenue for Sensors & Information increased by 11% to £74.4m (H1 2020: £67.3m, 2020: £137.2m) and underlying operating profit increased by 15% to £15.3m (H1 2020: £13.3m, 2020: £27.4m), as underlying operating margin improved to 20.6% (H1 2020: 19.8%, 2020: 20.0%). The Sensors business in the US has continued with the delivery phase of the HMDS Program of Record and continues to focus on the engineering and manufacturing development ("EMD") and testing phases of the biological and chemical detection Programs of Record.

In the UK, the markets for EW, cyber security and data science capabilities, in which Roke is a leading participant, have remained buoyant in the period. Roke delivered double digit growth in orders, revenue and underlying operating profit and has maintained strong margins despite increased investment in people, infrastructure and product development. This includes the establishment of a Roke presence in the North West of England to align with customers establishing a hub for National Security in that area, and aligns with Roke's strategy to grow talent and develop new hubs across the UK.

On a constant currency basis order intake would have risen 21% to £105m, revenue would have risen 15% to £77.1m and underlying operating profit would have been up 19% to £15.8m.

Key developments in the period on the major US Programs of Record are summarised below.

The US DoD's Explosive Hazard Detection HMDS program, which encompasses concurrent development, trialling, and manufacturing, continues to progress as expected. Under the previously awarded IDIQ sole source contract vehicles, further delivery orders of $63m were received in the period under the previously awarded $200m IDIQ contract, providing visibility on this Program of Record well into FY22. The production phase is progressing as planned and customer deliveries were made on schedule in the first half of the year.

We expect this program to run for the next decade providing a recurring level of business as the US Army moves to its objective of growing and upgrading its HMDS fleet. The new fleet will comprise both refurbished and new HMDS and this activity will run alongside technology upgrade programs.

The Joint Biological Tactical Detection System ("JBTDS") program is progressing as planned through the EMD phase and we now expect a customer procurement decision in FY22.

The second biological program is the Enhanced Maritime Biological Detection System ("EMBD"), where the customer is the US Navy. In May 2020, we were pleased that the customer approved and awarded the contract modification for low rate initial production ("LRIP") and deliveries have been made in this period. The program is expected to be worth up to $100m over 5-10 years once in full rate production, which is expected to commence in late FY21 or early FY22.

The Aerosol and Vapor Chemical Agent Detector program ("AVCAD") is progressing through the EMD phase as expected. The EMD and LRIP phases are expected to be worth approximately $18m in the period to FY23. Following this, the customer is expected to have a requirement of up to $800m. Chemring is currently one of two contractors selected for this competitive program. The next customer procurement decision point is still expected to be at the conclusion of the EMD phase in FY22.

Opportunities and outlook

The focus for Sensors & Information continues to be on expanding the Group's product, service and capability offerings in the areas of National Security, artificial intelligence and machine learning, tactical electronic warfare and information-security, and securing positions on the US DoD Programs of Record.

In the UK, the National Security and Defence markets continue to grow with a focus on emerging technologies in connectivity, cyber, automation and data analytics. Roke will continue to deliver research, design, engineering and advisory services using its high quality people and capabilities.

Roke continues to focus its efforts on growing across all its business areas in the UK, increasing in scale both organically and through potential bolt-on acquisitions. Roke is also increasingly focusing its efforts within the US market through the creation of Roke USA Inc.

We continue to focus on how we monetise our know-how and intellectual property in the commercial market with initial successes in the transport and medical markets, although the impact of CV-19 continues to put commercial customers' budgets under pressure in some areas, which may result in some short-term challenges in this small but growing niche.

In the US, HMDS program deliveries are on schedule with good medium-term visibility and the focus continues to be on ensuring that the Virginia and North Carolina facilities are mobilised and resourced to maximise Chemring's opportunity to convert current and potential chemical and biological detection Programs of Record. We will also invest in next generation product development and in modifying existing technologies to enable them to be deployed on a wider number of platforms including autonomous systems and UAVs.

The order book for Sensors & Information at 30 April 2021 increased since the year end to £109m (H1 2020: £97m, 2020: £87m). While the Roke business remains a short-cycle order book business, the segment has orders of approximately £59m for delivery in the second half of the year, representing 80% coverage of expected H2 revenue.

Acquisition of Cubica Group

Separately Chemring has today announced the acquisition of Cubica Technology Limited ("Cubica") and Q6 Holdings Limited ("Q6") (collectively the "Cubica Group") (the "Acquisition"). The consideration will be satisfied by a payment in cash on completion, funded from Chemring's existing bank facilities, and a deferred consideration payable in Chemring 1p ordinary shares in two tranches on the second and third anniversary of completion. The Acquisition creates further opportunities for Chemring to enhance and further accelerate growth in its Roke business.

Cubica, based in Woking, Surrey, UK, is a research and development company specialising in artificial intelligence, machine learning, data fusion and autonomy. Principally supplying into the defence and security sectors, Cubica is a trusted supplier to the UK Government, Law Enforcement, and a number of international defence suppliers and private sector organisations. Many of their technologies have been developed and commissioned to detect criminal behaviour, protect assets and help save lives.

Q6 is the majority shareholder of Vigil AI Limited ("Vigil AI"), which has technology providing state-of-the-art solutions to enable online platforms to detect imagery relating to child sexual exploitation globally.

Since being founded in 2013, Cubica and its employees have developed world-first technologies including its support to building the award-winning Vigil AI technology and its team members have received customer and industry accolades for their research and data science work. They are recognised by the UK Government as leading innovators in their field of expertise. The current owners of Cubica and Q6 will remain in employment with Chemring following completion of the Acquisition.

The Acquisition creates further opportunities for Chemring to enhance and further accelerate growth in its Roke business. Roke's customers require an exponential increase in capability to achieve digital advantage against complex threats. Cubica's leading edge capability in Machine Augmented Intelligence and Autonomy complements Roke's existing capabilities in cyber security, intelligence and electronic warfare, offering customers a force multiplier for their missions. Roke plans to invest c£1m in Cubica and Vigil AI to support accelerated growth. This investment will be focused on research and development, infrastructure and security.

Based on unaudited accounts, in the twelve months to 31 March 2021, Cubica Group reported an adjusted profit before tax of £0.8m (2020: £0.4m) on revenue of £2.9m (2020: £1.8m). The gross assets of Cubica Group at 31 March 2021 were £3.1m (2020: £2.0m), and net assets at 31 March 2021 were £1.4m (2020: £0.8m).

Segmental review - Countermeasures & Energetics

Performance

Order intake in the period was lower at £90m (H1 2020: £163m, 2020: £288m), primarily driven by the strong comparator as our Australian business received multi-year orders for the supply of countermeasures for the F-35 under a 5 year IDIQ contract. The next order under this framework is expected in the second half of the year. Following the change of administration in the US, Brexit in the UK and the continuation of CV-19 working restrictions, the process of doing business with government departments has, on some occasions, slowed and as a result some Countermeasures & Energetics orders expected late in the first half have been delayed, which we now expect in the second half of FY21. Excluding the impact of these factors and the impact of the weaker US dollar, order intake was broadly flat, with Chemring Countermeasures USA receiving a five-year IDIQ contract for the supply of M206 and MJU-7A/B infra-red decoy flares and Chemring Energetics UK securing a 15 year long-term partnering agreement with Martin Baker Aircraft Company.

Revenue increased slightly to £124.1m (H1 2020: £123.7m, 2020: £265.3m). As expected, we continued to see growth in Countermeasures & Energetics revenue, however this was offset by a foreign currency headwind. The segment reported an underlying operating profit of £19.3m (H1 2020: £17.6m, 2020: £39.9m) as underlying operating margin improved to 15.6% (H1 2020: 14.2%, 2020: 15.0%) driven by improved operational execution, in particular at the UK countermeasures plant.  On a constant currency basis revenue would have increased by 4% to £129.2m and operating profit would have been up 16% to £20.5m.

The investment in the expansion and automation of our Tennessee facility to meet the expected demand for F-35 countermeasures has continued during the period. Construction work of buildings has completed and the supply of complex manufacturing equipment to site continues, although, as previously announced, some has been delayed due to suppliers being impacted by CV-19. We still expect to generate revenue from the new facility during the second half of our 2022 financial year.

Our niche energetics devices businesses enjoyed another strong period driven by favourable market conditions and improving operational execution. The specialised and niche nature of our products was demonstrated in February when the Mars Perseverance Rover landed with 233 Chemring devices on board. These were designed, developed and manufactured at our Chicago facility and were all mission critical.

Opportunities and outlook

The segment focus remains on maintaining and growing the Group's market leading position, in particular on key platforms such as the F-35 as it begins to enter service in increasing numbers, and in the important Special Material Decoy market.

The Group's niche propellant and devices businesses in Scotland and Chicago are increasingly securing long-term contracts with customers, supporting greater short and medium-term visibility and providing a framework for long-term planning and investment decisions. Similarly, demand for high quality high explosives has enabled Chemring Nobel in Norway to work proactively with its customer base on long-term contracting models, providing much improved visibility.

We will continue the process of modernisation and automation across our sites, and in improving our competitiveness through investment in lean manufacturing capabilities. We will invest in new product development to ensure that our product portfolio remains highly relevant to our customers, and will continue the process of operational alignment to share technology and manufacturing excellence across the Group.

Countermeasures & Energetics' order book at 30 April 2021 was £341m (H1 2020: £407m, 2020: £389m). The decrease compared to the 2020 year end closing order book is partly attributable to foreign exchange; on a constant currency basis using the 2020 closing exchange rates the order book would be £351m. The remaining decrease is largely attributable to the delivery of a substantial part of the $107m F-35 two-year countermeasures contract by our Australian business. Of the 30 April 2021 order book, approximately £140m is currently expected to be delivered in the second half of 2021, representing 98% coverage of expected H2 revenue.

Net debt and cash flow

Net debt at 30 April 2021 was £38.7m (H1 2020: £60.6m, 2020: £48.2m). The weakening of the US dollar from $1.29 as at 31 October 2020 to $1.38 as at 30 April 2021 has resulted in a decrease in reported net debt of £2.9m, the remaining decrease being driven by the continued focus on operating cash conversion and the disciplined management of working capital.

Underlying operating activities generated cash of £36.1m (H1 2020: £56.2m, 2020: £82.4m). Cash conversion was 96% (H1 2020: 160%, 2020: 110%) of underlying EBITDA. Our two year rolling average cash conversion has been 105% (H1 2020: 117%, 2020: 108%), showing the ongoing focus on working capital improvements is delivering long-term, sustainable positive results.

Working capital

Working capital was £83.3m (H1 2020: £70.6m, 2020: £85.1m), a decrease of £1.8m since year end. Working capital as a percentage of revenue remained consistent with the year-end level at 20% (2020: 21%). The reduced level of working capital at H1 2020 was mainly due to the timing differences created by the management actions taken in response to CV-19, which have not been repeated.

Debt facilities

The Group has a £145m revolving credit facility with a syndicate of five banks that runs to October 2022, with an option to extend by two years at the banks' discretion. £105.2m (H1 2020: £83.6m, 2020: £86.4m) of this facility was undrawn at the half year.

Retirement benefit obligations

The surplus on the Group's defined benefit pension scheme was £11.8m (H1 2020: £4.8m, 2020: £7.6m), measured in accordance with IAS 19 (Revised) Employee Benefits.

The surplus relates to the Chemring Group Staff Pension Scheme (the "Scheme"), a UK defined benefit scheme whose assets are held in a separately administered fund. The Scheme was closed to future accrual in April 2012. A full actuarial valuation for the Scheme as at 6 April 2018 has been prepared and updated to 30 April 2021, using the projected unit credit method. This valuation showed a surplus of £11.8m (H1 2020: £4.8m, 2020: £7.6m).  Despite the volatility in equity and bond markets throughout the period, the resilience of the Scheme's investment strategy has limited the impact on the Scheme's funding position and it maintains a surplus as at 30 April 2021.

The 6 April 2018 triennial valuation showed a technical provisions deficit of £5.8m, which represented a funding level of 94% of liabilities. Subsequently, £6.25m has been paid and no further deficit payments are required. The next actuarial valuation is due as at 6 April 2021 and the trustees have 15 months to complete this, after which the future funding requirements will be reassessed.

Contingent liabilities

The Group is, from time to time, party to legal proceedings and claims, and is involved in correspondence relating to potential claims, which arise in the ordinary course of business.

In addition the following matters, as previously disclosed in last year's annual report, remained open at period end:

Full details of these are included in note 13.

Dividends

At the Annual General Meeting on 4 March 2021 the shareholders approved a final dividend in respect of the year ended 31 October 2020 of 2.6p per ordinary share. This was paid on 23 April 2021 to shareholders on the register on 6 April 2021.

The Board continues to recognise that dividends are an important component of total shareholder returns. The Board's objective is for a growing and sustainable dividend and now it believes it is appropriate for the Group to target a medium-term dividend cover of c.2.5 times underlying EPS, subject inter alia to maintaining a strong financial position. Therefore, the Board has declared an interim dividend in respect of the 2021 financial year of 1.6p per ordinary share which will be paid on 10 September 2021 to shareholders on the register on 20 August 2021.

Medium-term financial objectives

The Group has previously (December 2020) communicated certain medium-term financial objectives and assumptions. The material elements of these are:

Outlook

With 92% of the expected H2 revenue in the order book as at 30 April 2021, the Board's full year expectations are unchanged (based on the current foreign exchange rates).

Whilst there may be some macro-economic uncertainty surrounding the level and timing of defence spending as a result of the CV-19 pandemic, our multiple market leading positions and investment in high technology niches provide attractive long-term growth opportunities.

Chemring is well placed, with a robust strategy, market leading positions across different geographies and segments, and with products and services that are critical to our government and blue-chip customers. This, together with the Group's strong balance sheet, gives the Board confidence that despite any near-term uncertainty, Chemring's long-term prospects remain strong.

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