Chemring revenue falls in 'challenging' defence market

Thu Feb 27, 2014 3:46am EST

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Feb 27 (Reuters) - British defence contractor Chemring Group Plc reported a 13 percent decline in revenue for the first quarter, citing a "challenging" market for its sensors, pyrotechnics and other products.

Chemring's shares fell more than 3 percent in early trading on Thursday, after the company said revenue fell to 118.3 million pounds ($196.82 million) in the three months ended Jan. 31.

"Market conditions are expected to remain challenging," the company said in a statement.

Chemring shares were trading down 3.6 percent at 259.50 pence at 0830 GMT on the London Stock Exchange.

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