Chemring profit tumbles 42pc

Defence equipment manufacturer Chemring said yesterday that pre-tax profit sank 42 per cent over the year to October, in a difficult 12 months that saw profit warnings and failed takeover talks. The company, which makes defence equipment such as flares and explosive device detectors, said underlying pre-tax profit fell to £70.1m, down from £120.2m over the same period in 2011. Revenue edged up two per cent to £740.3m.