Chemring fights blow to orders
HALF-YEAR profits at defence group Chemring were shot down by delays from customers but it is fighting back to keep annual targets in sights.
Troops use Chemring smoke rounds
The maker of sensors and counter-measures fell £15.1million into the red from a £5.1million profit last time as revenue dropped from £208.8million to £161.7million.
Chief executive Michael Flowers blamed “prolonged negotiations and delays in the receipt of significant Middle East orders” but said it has received business worth more than £50million, putting it on course for a “strong second half”.
Shares rose 7½p to 213p.