Defence contractor Chemring posts first-half loss
(Reuters) - British defence contractor Chemring Group Plc (CHG.L) reported a first-half loss, hurt by delays in orders from the Middle East and budgetary cuts in its key markets.
The company reported a pretax underlying loss from continuing operations of 1.3 million pounds for the six months ended April 30. It had reported a profit of 13.4 million pounds a year earlier.
"Prolonged negotiations and delays in the receipt of significant Middle East orders mean that we expect a heavy weighting of this year's performance towards the second half," Chief Executive Michael Flowers said in a statement.
(Reporting by Esha Vaish in Bengaluru; Editing by Anupama Dwivedi)