Chemring up on new deals

The price of shares in FTSE 250 aerospace and defence firm Chemring (LON:CHG) climbed by 3.10% to 266p (as of 12:30 GMT) after its countermeasures subsidiary was awarded new contracts from the Ministry of Defence. The two contracts are valued at a combined £31.3 million and will cover air and naval countermeasures to be delivered over the next three years.

Management also said that the year ended 31st October had closed well and operating profits should be at the upper end of market expectations. The order book at the end of the year was £476 million, notably above 12 months ago.