May 10, 2019 / 6:35 AM / 6 months ago

Chemring forecasts stronger first half boosted by insurance recoveries

May 10 (Reuters) - Defence contractor Chemring Group Plc on Friday bumped up its operating profit expectations for the first half as it benefits from early insurance recoveries of a blast-hit site.

The company, which backed its full-year outlook, now expects 30% of its profit in fiscal year 2019 to be realised in the first six months, compared with previous guidance of 15%.

An explosion at the Chemring Countermeasures factory of the British contractor in August last year left one person dead and hit its 2018 profit. (Reporting by Pushkala Aripaka in Bengaluru; editing by Gopakumar Warrier)

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