Chemring's Roke Unit Inks Strategic Deal With Major US Prime, $16M Initial Order
MRA is trading near its 52-week low of $18.29 (6.5% above the low).
Summary
Chemring's Roke unit signed a strategic partnering agreement with an unnamed major US prime contractor for its COTS Nav-Sync Miniature Radar Altimeter. The deal includes an initial $16 million production order covering the first 12 months, with deliveries starting in October. The agreement is expected to extend to at least 2035. CEO Michael Ord framed it as a milestone in Roke's strategy to grow international revenues despite near-term domestic defence headwinds. Shares rose 3.1% on the news.
At the time of this announcement, MRA was trading at $19.48 on NASDAQ in the Industrial Applications And Services sector. The 52-week trading range was $18.29 to $25.39. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: ShareCast.