Incoming Chemring chairman opens account

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Incoming chairman Peter Hickson has opened his account with Chemring soon after joining the board of the maker of flares, rockets, grenades and other military products.

He bought 4,000 shares at 2,792p, spending a total of about £111,000.

Hickson was appointed as non-executive director at Chemring on 1 July and will succeed Kenneth Scobie as chairman of the group on 1 October. He is currently the chairman of the marketing company Communisis and a non-executive director of the Kazakh copper miner Kazakhmys.

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Hickson was named as Scobie's successor in June as Chemring reported a rise in profits in the six months to 30 April.

Profit before tax and one-off items for the six months to 30 April grew to £42.3m from £39.5m a year ago on revenue from continuing operations up 10% to £255.9m.