MILITARY equipment maker Chemring Group, which earlier this month issued its second profit warning in less than three months, said yesterday that its 2012 performance had been “extremely disappointing”.
But its shares rose on relief that its year-end trading statement did not contain more nasty surprises.
Chemring, which makes flares, and mechanisms used in ejector seats, earlier this month cut its profit outlook by more than a quarter for the year to 31 October due to contract delays and technical problems.
“Chemring’s operational performance has been weak, and management of investors’ expectations over the past year has also been poor,” the company said in its first statement to the market since takeover talks with private equity firm Carlyle Group fell through in early November.
Shares in the firm closed up 3.6 per cent at 238.2p yesterday.
City A.M. Reporter