Chemring says 2012 defence market tough

BRITISH military equipment maker Chemring said it expects defence markets to be challenging in 2012 after it posted a six per cent rise in full-year profit yesterday.

The company, which makes ejector seats and other devices for military aircraft, reported an underlying pre-tax profit of £125.6m for the year to the end of October, on revenues 25 per cent up at £745.3m.

“The continuing problems of the Eurozone indicate that our traditional markets will not be any easier this year,” Chemring said.

The firm’s shares tumbled 13.9 per cent to 386.5p yesterday.