Military equipment supplier Chemring (CHG) would seem to be well placed considering the recent escalation of geopolitical tensions and conflicts which have lifted sector peers. 

However, the shares have fallen sharply during the last quarter of 2024. Investors are seemingly nervous about a back-loaded fiscal 2024 (to 31 October) after a particularly harsh winter in early 2024 put the freeze on some of its manufacturing.

October’s trading update did little to quell those fears and it means the stock is up just 3% this year, excluding dividends, hardly anything to write home about.

The company flagged at the time consensus adjusted operating profit forecasts in the range of £70.8 million to £73.6 million, and judging by Berenberg’s apparent narrowing of its own estimate from £73 million in June to £71 million in October, perhaps investors should anticipate something towards the lower end of that range.

That said, there’s been plenty of contract progress, both new orders and renewals, while Chemring is mulling expansion of its operations in Norway, with a seemingly supportive government environment out there. News on this, and the outlook, will likely dictate how the shares react to full-year results, due 17 December. 

UK UPDATES OVER THE NEXT 7 DAYS

FULL-YEAR RESULTS

17 Dec: Chemring

18 Dec: IntegraFin 

FIRST-HALF RESULTS

19 Dec: FIH Group

TRADING ANNOUNCEMENTS 

17 Dec: Vivendum

19 Dec: Time Finance

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