- Chemring said it expected a more 'significant' second-half weighting to revenue following a operational disruption at some of its manufacturing sites, though the defence company left full-year expectations unchanged.

'The Board's full year expectations are unchanged, however as a result of operational disruption at some of the manufacturing sites the Group now expects a more significant second-half weighting to revenue, underlying operating profit (15%:85%) and cash,' the company said ahead of its annual general meeting taking place on 21 March.

The company also said that expected deliveries in the second half were well covered by the Group's current order book despite a number of variables, including increased operational execution risk, Brexit and associated international trade licensing, exchange rates and insurance recoveries in respect of the UK Countermeasures incident which occurred last August.

The financial performance of its Countermeasures & Energetics sector in the first half was expected to be adversely affected by both planned and unplanned operational disruption at some sites.

'The phased restart programme for the UK Countermeasures site remains on track with chaff and naval decoy lines now operational,' the company said.

'Returning spectral and MTV lines to operation in the third quarter is progressing as planned, with the overall site scheduled to be at steady state manufacturing by the end of the current financial year.'

The group will report its interim results for the six months ended 30 April 2019 on 5 June 2019.

At 8:59am: [LON:CHG] Chemring Group PLC share price was -3.2p at 151.8p

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