Defence contractor Chemring - and its PW Defence subsidiary - have seen a welcome boost to its share price in recent weeks, following its exoneration of charges related to illegal landmine sales.

PW Defence was cleared by the Crown Prosecution Service and HM Customs & Excise, following a full investigation into claims that it had broken legislation banning the sale of anti-personnel landmines.

Both the CPS and customs officials concluded that there were no grounds for taking any further action.

The good news was followed last month when the group's US subsidiary, Alloy Surfaces Company, won two new contracts to supply infra-red decoys to the US Navy.

Chemring shares fell from a high of 370p in April 2002 to hit a low of 220p in November following a profit warning.

It has since gained ground, hitting 255p in December before slipping back to 235p.