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Review by the Chief Executive

Chief Executive

I would like to extend my personal thanks to all members of staff for their personal achievements and hard work during the year.

Staff and employees

At the end of 2011, the Group employed a total of 4,679 people, 396 (9%) higher than the previous year end, although 109 of them were associated with our latest acquisition, Chemring Detection Systems. In addition, the year end figure included a significant number of short-term contractors engaged within our UK operations during the last quarter of the financial year. Excluding these contractors reduces the year-on-year growth to around 4%. 1,798 employees (38%) are located within the UK and 2,047 employees (44%) are located in the US.

I would like to extend my personal thanks to all members of staff for their personal achievements and hard work during the year. The Board understands how important our employees are to the success of this fast-changing business.

Operational highlights

  • Excellent performance from NIITEK, which grew by 24% and delivered a further 77 ground penetrating radars for the Husky Mounted Detection Systems (HMDS) to the US Army
  • Our Munitions business had a tremendous year, with revenue up 104% to a new record of £237.0 million and growing demand for our products from a variety of Middle East customers
  • Acquisition of Chemring Detection Systems adds the US leader in chemical and biological threat detection and brings advanced capability in the stand-off detection of improvised explosive devices
  • Our total expenditure on research and development grew by 74% to £59.6 million, which represents 8% of the total Group revenue

Key information

  • Year end order book£878.3m+9%
  • Revenue£745.3m+25%
  • Number of employees4,679+9%
  • * Before non-underlying items (see Note 6)
  • # Organic growth at constant US dollar excludes growth from contracts and customers acquired with Roke, Mecar and Chemring Detection Systems

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