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McMurdo for sale
01 Feb 2006
Defence equipment supplier Chemring Group of Fareham is to dispose of its marine division, which includes McMurdo and Pains Wessex, because it is a drag on the company's profitability, writes Iain Sutherland.
Announcing a 30% hike in profits to £17.3m for the last year, the group said the marine division lost £2.5m and was classified as non-core and will be sold.
"The strength of the group's underlying performance was masked in part by the marine division which made losses equating to approximately 6p of post-tax earnings, " said chairman Ken Scobie. "Without these losses, the group would have been reporting even higher growth in earnings."
The board has now determined that the marine division is non-core and accordingly will be divested, he added Robert Hill, new MD at McMurdo, was unavailable for comment as we went to press.
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