Chemring shares rallied on Friday on the back of higher 2019 profit forecasts and amid news of two contract wins.

The aerospace technology company said that it expects profits for the upcoming year to be boosted by an earlier than anticipated insurance payout.

Chemring also announced its Australian subsidiary had been awarded two ‘significant’ contracts.

The company said these related to an undefinitised contract action with a maximum value of $60.4 million and an additional award for $6.5 million.

The contracts are from the US Department of Defense to supply countermeasures to the Royal Australian Air Force, US Navy and Foreign Military Sales in support of the F-35 Joint Strike Fighter.

Chemring is set to publish its half-year results for the six months ended 30 April 2019 on 5 June 2019.

The London-listed from has operations in The Americas, Europe, The Middle East and Asia.

It was founded back in 1905 and is headquartered in Romsey in the UK. Its operations are divided into Countermeasures & Energetics and Sensors & Information.

Shares in the firm (LON:CHG) are currently up +2.91% as of 12:14PM (GMT) on the back of the latest announcement.