21st Jun 2016 12:44
LONDON (Alliance News) - Chemring Group PLC said Non-Executive Director Daniel Dayan bought shares as the company reported Tuesday a wider interim loss.
Dayan, who was appointed in March, bought 60,500 shares at 115 pence per share on Tuesday. The purchase is his only holding in the defence group.
The company, which makes countermeasures such as flares and decoys that military aircraft use against missile attack, as well as sensors and electronics used in military vehicles, said its pretax loss for the half to the end of April was GBP16.8 million, compared to a GBP15.1 million loss a year earlier.
Chemring said it now anticipates its annual results will be slightly below market expectations.
The tough conditions for the group also meant Chemring scrapped its interim dividend payout, having paid 2.4 pence per share a year earlier.
The stock was down 18% at 115.25p Tuesday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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