Chemring scales back FY forecasts

Defence contractor Chemring reduced profit expectations for the financial year ended October 31st 2012 following delays and technical problems in a number of contracts.

Defence contractor Chemring reduced profit expectations for the financial year ended October 31st 2012 following delays and technical problems in a number of contracts.

In an update on current trading Chemring said a contract for the supply of vehicle based mortar systems for a Middle Eastern customer was experiencing delays in the granting of export licences for a limited number of parts. This delay the group believes is unlikely to be resolved in the near term and will continue into its new financial year.

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