Chemring, the maker of ejector seats and pyrotechnic decoys for military aircraft, warned its revenues would be 5 per cent lower than expected this year at about £745m, prompting a 13 per cent fall in its shares.
The defence group said that £37m of orders due in the last month of its financial year had slipped into the current year. As a result, £14m had been wiped off gross profits in the year to October 31. It admitted efforts by US authorities to cap spending over the next decade and deficit-reduction programmes in Europe have "disrupted" procurement. The group, which has operations worldwide, said its order book at its year-end was £878m, 12 per cent lower than three months ago.