"The impact on our 2018 and 2019 financial years cannot be accurately quantified at this stage as it will be dependent on insurance recoveries, the timeline for the investigation to be completed and the site to re-open, remediation work to be completed and at what rate production resumes," said Chemring. The warning sent shares plummeting 23.7 percent in early trade. "The production of flares in the countermeasures division is inherently risky, due to the highly volatile nature of materials used," said analysts from Berenberg in a note. The company is also facing a corruption investigation by the Serious Fraud Office over the use of middlemen in two historic contracts. Shares in the group are currently trading down 12.08 percent at 207.50 (1657 GMT).