Chemring profit hit by US delays

Chemring Group said yesterday its profits have fallen in the first half of the year due to delays in US defence orders, but that it will meet expectations by the end of the year. However, the military equipment maker said that its order book was up 14 per cent at £1bn since October 2011. For November-April the company said underlying pre-tax profit fell 21 per cent to £39.2m. Revenue from continuing operations rose four per cent to £333.3m.