FTSE 250 movers: Chemring shares plunge on warning

11th Oct 2013 15:24

Military equipment manufacturer Chemring sank sharply this morning after saying that its North American business continues to be affected by the US government shutdown and said the full impact was unknown - although it would have a definite impact on October order intake and deliveries in the US Department of Defense. It has suffered quality and production issues, particularly at Kilgore, and will also suffer from an adverse move in the sterling/dollar exchange rate, reducing operating profits by around £8m.Meanwhile, the gains were led by N Brown, which was regaining lost ground after falling earlier this week on the back of an unimpressive set of results. The group revealed that first-half profits before tax came in at £45m, some 3% below broker Citigroup's forecast of £46.3m, due to a worse-than-expected margin performance, which offset better like-for-like sales growth. Adjusted earnings per share were broadly flat, up just 0.6% at 12.55p, although the group did post an 8% rise in revenue and 5.9% increase in operating profits for the first half.Howden Joinery was performing well after it received a positive broker rating on the previous day from Goodbody Stockbrokers, who upgraded the stock to 'buy'. FTSE 250 - RisersBrown (N.) Group (BWNG) 503.00p +5.74%Howden Joinery Group (HWDN) 308.80p +4.61%Ferrexpo (FXPO) 184.40p +4.36%Hays (HAS) 122.00p +3.30%Investec (INVP) 419.70p +2.72%Marston's (MARS) 146.60p +2.52%International Personal Finance (IPF) 635.00p +2.50%Serco Group (SRP) 541.50p +2.46%Phoenix Group Holdings (DI) (PHNX) 749.00p +2.32%Entertainment One Limited (ETO) 223.00p +2.29%FTSE 250 - FallersChemring Group (CHG) 218.40p -23.21%Kenmare Resources (KMR) 26.00p -10.62%Polymetal International (POLY) 553.00p -6.27%Ocado Group (OCDO) 429.00p -4.01%Hochschild Mining (HOC) 152.80p -3.72%Keller Group (KLR) 1,012.00p -3.62%RPC Group (RPC) 452.50p -2.56%Perform Group (PER) 542.50p -2.25%Alent (ALNT) 340.10p -2.13%Euromoney Institutional Investor (ERM) 1,068.00p -2.02%NR