Chemring's half-year profit rises on insurance recoveries

(Reuters) - Defence contractor Chemring Group said on Wednesday half-yearly profit rose 4% as it benefited from faster payouts by insurers for an explosion last year at its UK factory that makes flares to combat heat-seeking missiles.

Underlying operating profit was 12.1 million pounds for the period ended April 30, compared with restated 11.6 million pounds, said the company, which also makes ejector seats for fighter jets and sensors to detect explosives.

(Reporting by Yadarisa Shabong in Bengaluru, editing by Chris Peters)