Chemring CEO Michael Flowers to retire

Flowers will be replaced by Michael Ord, who is expected to join the group on 1 June and take over as CEO on 1 July. Ord joins the company from BAE Systems, where he has held a number of senior roles, including managing director of the naval ships business and the F-35 Joint Strike Fighter business.

Chairman Carl-Peter Forster said: "Michael Flowers has led Chemring since June 2014 through a period of significant transformation. Under his leadership the group has been significantly restructured and strengthened, with a particular focus on safety improvement and the development of a more robust and sustainable business model. He has championed a culture of operational excellence and the sharing of best practice, and he leaves the group well placed for future growth.

"I am delighted that Michael Ord will be joining Chemring as our new group chief executive. Michael has a proven track record within the international defence industry, most notably at BAE Systems, and I am certain that he has all the necessary skills and experience to enable Chemring to deliver growth over the next stage of Chemring's progression."

The company also provided a very brief outlook for the current year ahead of its interim results in June, saying that its operational and financial performance continues to progress in line with expectations and its outlook for FY18 remains unchanged.

At 1030 BST, the shares were up 0.2% to 209.50p.