(Reuters) - British defence contractor Chemring Group Plc (L:CHG) said its full-year loss before tax from continuing operations widened, and that it would raise 80.8 million pounds through a rights issue.
The company said its pretax loss from continuing operations for the year ended Oct. 31 widened to 9.1 million pounds from 5.2 million pounds a year earlier.
Chemring, which has been struggling with delays in its Middle Eastern contracts as well as defence budget cuts in key markets, said it would use the proceeds from its rights issue to pay off some of its debt.