IN BRIEF: Chemring wins USD170 million US contract for drone altimeter

Chemring Group PLC - Hampshire, England-based technology products for aerospace, defence and security - Wins deal worth at least USD170 million over the first five years with a "major" US defence prime contractor, which it doesn't name. The agreement is for the supply of the COTS Nav-Sync Miniature Radar altimeter by UK subsidiary Roke Manor Research. Chemring receives an initial USD16 million production order covering the first 12 months of the agreement, with deliveries starting this month. Roke's Nav-Sync MRA is a small, low-mass radar altimeter for use on high-speed platforms and uncrewed air vehicles, measuring altitude over land and sea at high speed and low altitudes in complex environments, Chemring explains.

"Despite continued near-term headwinds in its domestic defence market, Roke continues to make progress in developing its international business, positioning it well for growth in the future," says Chemring Chief Executive Michael Ord.

Current stock price: 517.12 pence, up 3.5% in London on Wednesday morning

12-month change: down 8.6%

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