DEFENCE contractor Chemring Group has said finance director Steve Bowers is to leave the company days after the struggling company revealed its underlying losses had more than tripled in the first half of the year and warned full-year results would be below expectation.
After three years as finance director of the FTSE 250 maker of defence products such as flares, decoys and IED detonators, Bowers is leaving the group to join law firm Herbert Smith Freehills as chief financial officer.
Bowers will remain with Chemring to effect an orderly transition, with a recruitment process having been initiated to identify a new group FD, the company said.
Michael Flowers, group chief executive of Chemring, commented: “Steve leaves the group in a much stronger financial position and the board takes this opportunity to thank him for his valuable contribution.”
Earlier this month, Chemring said that underlying pre-tax losses for the six months to the end of April, which exclude restructuring fees and costs, widened to £4m from £1.3m in the same period last year.
The company has lost more than a third of its value in the last three months and launched a £80.8m rights issue in January to help reduce its debt.