Tony Wood appointed as NED and Chairman-Designate He joins the Board with effect from 1 October and will succeed Carl-Peter Forster, who joined the Board in 2016, as Chairman on 1 December. Tony Wood is a Board member of Airbus and National Grid. From 2018-2022 he was CEO of Meggitt. He brings to the Board significant engineering and sector experience, having also been a NED and former President of ADS Group Ltd, the trade association for the Aerospace, Defence, Security and Space sectors in the UK, from 2020-2023. Prior to joining Meggitt, he spent 15 years at Rolls-Royce. He is a Fellow of the Royal Aeronautical Society and a Fellow of the Association for Project Management. Our View It is encouraging to see Chemring attract such an experienced individual with highly relevant sector experience for its next stage of development. The shares trade on a CY25E P/E of 16.8x, EV/EBITDA of 10.5x and DPS yield of 2.4%.