News: Chemring Group PLC (CHG.L)

CHG.L on London Stock Exchange

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Tue, Jun 24 2014

UPDATE 3-British defence contractor Chemring CEO Papworth steps down

* Shares fall as much as 12.5 pct, top loser on LSE (Adds analyst comment; updates share movement)

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

(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)

UPDATE 2-Chemring to sell European munitions business for 167.8 mln euros

* Shares rise as much as 5 percent (Adds CEO comment; updates share move)

Chemring to sell European munitions business for up to 168 mln euros

April 24 - British defence contractor Chemring Group Plc said it would sell its European munitions business to France's Nexter Systems SA for up to 167.8 million euros ($232.1 million) to focus on its core defence technology business.

Chemring revenue falls in 'challenging' defence market

Feb 27 - 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.

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