Followers of Chemring (CHG) will be aware that customer acceptance delays, higher sales of lower-margin kit and contract finalisation issues were set to trickle into the first quarter. These problems were outlined in the defence contractor's annual results, alongside a customary warning that the start of the year is typically slower.
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In terms of updates, management confirmed that the source of frustration - the delayed 40mm ammunition order to the Middle East - is progressing towards the point of payment. And there were some early signs that the group has put its worse days behind it. Revenue in the three months to January soared 35 per cent to £83m, while the order book grew 4 per cent to £594m.
