Shares in military weapons manufacturer Manroy PLC (LON:MAN) rose 7.87 percent in stock exchange trading on Tuesday.
The company manufactures machine guns and related equipment, primarily for the United Kingdom Ministry Defense. The company is based in Sandhurst, England and also manufactures weapons for other nations, including the United States.
Reasons for the large increase in stock value were not immediately discernible.
The company’s fiscal year ended on Sept. 30, 2012.
Revenue was down because of a delay in a contract with the U.S. Department of Defense, according to the company’s annual report.
"Manroy was awarded new contracts in the United Kingdom and United States resulting in order books now being at record levels for the Group," the company reported. "We also made considerable progress in breaking into new export markets."
"The U.S. defense market is worth some $553 billion annually and accordingly much management effort has been devoted to (Manroy USA) over the last 12 months together with significant investment."
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