Defence group Chemring Group Plc on Tuesday reported a sharp jump in annual profit as governments increased military spending amid the growing threat from Russia and dwindling support from the US under the Trump administration.
Pre-tax earnings for the year to October 31 surged 31% to £67.7m with Chemring's order book up by a fifth to £1.34bn as heightened geopolitical uncertainty drove increased expenditure across its target markets, particularly within Nato countries.
"Chemring is well positioned to capitalise on this demand, which we expect to persist well into the next decade," the company said.
"We have created a strong, sustainable platform for growth and remain committed to our ambition of doubling annual revenue to approximately £1bn by 2030."
Reporting by Frank Prenesti for Sharecast.com