Chemring profits fall 25 per cent

British defence contractor Chemring has reported a 25.2 per cent fall in full-year profit, hit by the US federal government shutdown in October.The company said pre-tax profit on an underlying basis fell to £52.4m, compared to £70.1m the previous year. The company, which manufactures ejector seats for fighter jets, said the shutdown had delayed product acceptance and shipments in October. Revenue fell 15 per cent to £624.9m.