Chemring Posts Decline In H1 Profit

Chemring Group PLC

posted a 49.6% decline in its pretax profit for the half year ended April 30. Chemring's pretax profit from continuing operations fell to GBP19.7 million, from GBP39.1 million, in the year-ago period. Its revenue from continuing operations rose 4% to GBP333.3 million from GBP319.3 million. Chemring's operating profit from continuing operations fell to GBP29.0 million from GBP46.8 million. However, its adjusted pretax profit dropped 21% to GBP39.2 million. Adjusted earnings per share from continuing operations came in at 16.0 pence versus 20.9 pence.