Shares in Chemring fall 5 percent after the British military equipment maker says it is still being hit by delays in order intake, primarily from the United States, and that sales in the last three months were flat.
The company, which makes ejector seats and pyrotechnic decoys for military aircraft, says future orders are being hit by the extended negotiation of some key contracts.
"Our forecasts assume broadly flat reported revenues in the first half of 2012 and as such, our revenue forecasts are weighted to the second half," says Investec analyst Chris Dyett.
"Our forecasts do require the NIITEK order, which is currently being negotiated, to be awarded by the end of April."
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