CORRECTED-Chemring half-year profit falls; CEO steps down

Tue Jun 24, 2014 3:24am EDT

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(In paragraph 3, corrects underlying pretax profit for the current and earlier periods to 18 mln stg and 25.2 mln stg respectively, not 27 mln stg and 35.1 mln stg)

June 24 (Reuters) - British defence contractor Chemring Group Plc said first-half profit fell 29 percent, hit by budgetary pressure on global defence spending leading to delays in order placement in all its markets.

The FTSE-250 company also said Mark Papworth stepped down as chief executive and Michael Flower, group director, Countermeasures, would become its CEO with immediate effect.

The company, which makes ejector seats for fighter jets and decoy flares used to counter heat-seeking missiles, said underlying pretax profit fell to 18 million pounds from 25.2 million pounds a year earlier. Revenue for the six months ended April 30 declined to 277.4 million pounds from 297.4 million pounds. (Reporting by Aashika Jain in Bangalore; Editing by Gopakumar Warrier)

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