Analysts reckoned Chemring Group (LSE:CHG)'s prelims were in line if not better than expected, with the assessment of prospects for the coming year providing little reason to prompt the mild sell-off seen in early trade.
Shore Capital called the performance from the defence group "strong" as it repeated its 'buy' recommendation, while Jefferies was similarly upbeat as it repeated its 470p price target - a 40% premium to the current price.
"We continue to find the long-term growth potential, on both sides of the business, appealing," Jefferies added.
Yet the shares were off 7% in the first hour of trading.
Chemring delivered an 8% revenue increase to £510.4 million for the year to October 31, driven by strong performances at its Roke division, which posted top-line growth of 17%. Underlying operating earnings (EBITDA) were up 6% at £93.7 million.