UPDATE 1-UK defence contractor Chemring warns on full-year results | Reuters:
"Chemring Group Plc, a British defence contractor, said it expected its underlying operating profit for the full year to be reduced by nearly a third due to a delay in revenues from a contract in the Middle East.
Chemring, which makes ejector seats for fighter jets and flares used to counter heat-seeking missiles, has been struggling with delays in Middle Eastern contracts as well as defence budget cuts in its key markets.
The company announced in September that it had received orders worth more than 100 million pounds for the supply of 40mm ammunition in the Middle East."
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