After all, Chemring has some world-leading niche operations. It is the world's largest supplier of 'expendable decoys'; that includes the flares and chaff that the Eurofighter Typhoon and the F35 Joint Strike Fighter throw off to fool enemy missiles. It is a world leader in so-called 'energetic' systems; supplying, for instance, the flares that mark the frighteningly brilliant descent of a Red Devils' freefall parachute team, or - rather sinister - the smoke grenades and baton rounds used in crowd control. So, how come these enviable positions, which are in markets that tap the 'consumables' spending of defence budgets, can't translate into a top-notch performance?
Successive generations of bosses bear most responsibility. How often does the boss fritter away the cash flows -– both present and future - of great subsidiaries on acquisitions that promise so much and deliver so much less? For the past 20 years or more at Chemring this has been a way of corporate life, resulting in a scale of value destruction that's something to behold.