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The firm is planning for total group revenue to decline organically by low-to-mid single digits in 2013, as the decline in defence and security revenue is partially offset by growth in commercial markets. The group anticipates a return to "modest" organic revenue growth from 2014, rising above mid single digit growth as its goes forward. The firm said it was relying on its transformation programme, 'Excellence in Delivery', the recent acquisition of Thrane & Thrane, as well as a change in sales mix, to drive growth. So far in 2012 Cobham said organic revenue growth had been broadly flat, in line with the board's expectations, and this trend was expected to continue for the full year.
Defence technology supplier Cobham has predicted a drop in revenues in 2013 as it is hit by the fall in US defence spending. The firm also said that a change in its sales mix and new investments would mean lower operating margins next year than are expected in 2012. The US defence and security markets, which make up 40% of Cobham's revenue, remained challenging due to overall fiscal pressure as well as a lack of political consensus on US Government budgets, it said. The company is predicting a period of declining, then flat, US defence and security budgets, although it added "these conditions can change rapidly with global events". Given these economic difficulties Cobham anticipates that its US defence and security revenue will decline in 2013 by mid-to-high single digits.
Cobham: Jefferies keeps buy rating and 230p target.
Cobham, the FTSE 250 aerospace and defence technology and systems group, has received a two-year contract extension with the Australian Customs and Border Protection Service for its aerial maritime surveillance contract. The extension is worth £105m to Cobham and secures the contract until the end of 2021. "We're very proud of the civil maritime surveillance service we provide in Australia and the positive relationship we have with the Australian Customs and Border Protection Service," said Chief Executive Officer Bob Murphy. "This two-year agreement extends our operation until 2021 and further underpins our business operations in this strategically important country, where we also provide contracted airline services for Qantas and fly in fly out services for numerous resource industry clients." The company's Aviation Services division has been working on Australia's borders since 1995 under a performance-based service contract involving the full turnkey operation of 10 highly modified Bombardier Dash 8 maritime patrol aircraft that fly 2,500 missions and 15,000 hours each year.
Defence contractor Cobham has been awarded a five-year contract to supply on-board inert gas generating system nitrogen inert units for AH-64 Apache helicopters used by the US arm. The "indefinite delivery, indefinite quantity" contract is worth around $15m. More than 1,500 Apache helicopters with Cobham nitrogen inert units have been delivered worldwide, the company said.
Another decent contract - could easily see a good 10% from here over the next week or so
"Cobham's proven fuel tank inerting experience on military combat helicopter programmes provides our warfighters with added protection while performing their missions in a high threat environment." said Kelly Coffield, president of Cobham Life Support. "In 1985 Cobham pioneered the first OBIGGS application on the US Army AH-64 Apache helicopter and we continue to enhance our products with the latest technology." More than 1,500 Apache helicopters with Cobham NIUs have been delivered worldwide. The Group remains the world-wide leader in military OBIGGS providing solutions since 1985 on more than 2,400 aircraft flying today, ranging from military helicopters, military transport aircraft like the C-17 Globemaster, to regional and commercial platforms such as Boeing 787 Dreamliner. Cobham OBIGGS systems have logged more than five million flight hours total experience including 12 international customers. The Group can tailor the modular range of proven OBIGGS to fit a wide range of applications.
Cobham to Supply OBIGGS Inerting Units for US Army Apache Helicopters under $15m IDIQ Contract Cobham has been awarded a five-year Indefinite Delivery, Indefinite Quantity (IDIQ) contract valued at some $15 million to supply On-Board Inert Gas Generating System (OBIGGS) Nitrogen Inert Units for US Army AH-64 Apache helicopters. Cobham is providing a new configuration of Nitrogen Inert Unit (NIU) that will increase safety, improve supportability, and extend sustainment for another 30 years. This award was announced by the US Defense Logistics Agency - Redstone Arsenal on 4 September 2012. The OBIGGS fulfils a critical aircraft safety system role by displacing fuel tank vapours with inert nitrogen gas, reducing the risk of explosion. Work will take place at Cobham Life Support's Centre of Excellence in Davenport, Iowa.
http://www.investegate.co.uk/Article.aspx?id=201209070700067041L
"Cobham is pleased to support this critical Department of Defense programme to enhance military satellite communications capability by providing the portfolio of RF modules that support additional bandwidth required by the military," said Jill Kale, vice president of Cobham Defence Electronics. "This award reinforces our leadership role in the supply of high reliability cost effective Space qualified hardware." According to Boeing, the mission of the Wideband Global SATCOM (WGS) is to provide broadband communications connectivity for U.S. and allied warfighters around the world. WGS is the highest-capacity military communications system in the U.S. Department of Defense arsenal, providing a quantum leap in communications capability for the U.S. military. Long lead time work on the contract started in 2010, and production began in early 2012. Work is expected to be finished in 2013 and takes place at the Lowell, Massachusetts facility, northwest of Boston.
Cobham Awarded $65 Million Contract for Boeing Wideband Global SATCOM Satellite Components Cobham has been awarded a $65 million contract to supply electronic systems to Boeing's Wideband Global SATCOM satellite programme. The contract funds production on three satellite flight sets, with additional options for three more sets. Cobham Defence Electronics in Lowell, Massachusetts will supply 1000 modules for the phased array antennas on each satellite. The modules are made up of a complex power amplifier, beamformer and receive amplifier modules. The modules allow the satellite to transmit and receive communications.
http://www.investegate.co.uk/Article.aspx?id=201208100700047312J
OUTLOOK The Group has made progress in the first half delivering organic revenue growth, earnings per share up 9% and a further step in rebalancing the portfolio towards our commercial markets. Cobham remains positive on the outlook for commercial and non US defence/security businesses which now represent 60% of revenue. The outlook for the US defence/security market for the end of 2012 and 2013 is particularly uncertain due to the upcoming US elections and the lack of political consensus on US Government budgets. The July 2012 divestments of the Beacon businesses and the more first half weighted contribution from the 2011 share buy-back will result in full year EPS growth being lower than the first half. The Board therefore expects full year 2012 EPS to be similar to the prior year taking account of the Beacon divestments, assuming any hiatus in US order placement is no more severe than the usual delays in approving US Government budgets. Given the uncertainties referred to Cobham is approaching 2013 with caution and building flexibility into its operating model including preparations for appropriate cost management in response to differing US Government budgetary outcomes. Cobham's strategy, together with its strong balance sheet and inherently cash generative characteristics, give the Board confidence that Cobham will continue to make progress over the medium term.
Bob Murphy, Cobham Chief Executive, said: "We have made progress in the first half delivering organic revenue growth, earnings per share up 9% and a further step in rebalancing the portfolio towards our commercial markets. "We remain positive on the outlook for our commercial and non US defence/security businesses which now represent 60% of revenue. The outlook for the US defence/security market for the end of 2012 and 2013 is particularly uncertain due to the upcoming US elections and the lack of political consensus on US Government budgets. "The July 2012 divestment of the Beacon businesses and the more first half weighted contribution from the 2011 share buy-back will result in full year EPS growth being lower than the first half. The Board therefore expects full year 2012 EPS to be similar to the prior year taking account of the Beacon divestments, assuming any hiatus in US order placement is no more severe than the usual delays in approving US Government budgets. "Given the uncertainties referred to we are approaching 2013 with caution and building flexibility into the operating model including preparations for appropriate cost management in response to differing US Government budgetary outcomes."
· £2.5bn order book with strength in Mission Systems and Aviation Services and good order intake in shorter cycle businesses - Group total affected by Analytic Solutions divestment · Organic revenue growth of 1.7% in the core businesses - Group total affected by Analytic Solutions divestment · Underlying EPS growth of 9% underpinned by share buy-back and lower tax rate · Excellence in Delivery on track to deliver expected £42m of annualised, year-on-year efficiency savings since inception in 2010 to the end of 2012 · £281m Thrane & Thrane acquisition completed; expected to be strongly accretive in 2013 and adds further strength in commercial markets · Interim dividend increased to 2.40p, rebalancing the full year dividend in line with Group's long standing, progressive dividend policy, after last year's step change
http://www.investegate.co.uk/Article.aspx?id=201208080700055277J
"Cobham's proven experience on military programmes provides Boeing with a high performance product with low technical risk to ensure the best overall value," said Kelly Coffield, president of Cobham Life Support. "Cobham is the world-wide leader in military OBIGGS providing solutions since 1985 on more than 3,000 aircraft flying today, ranging from military transport aircraft and helicopters, to regional and commercial platforms such as the B787, with more than five million flight hours total experience. Cobham's qualified staff can tailor the modular range of proven OBIGGS to fit a wide range of applications." Cobham is a proud supplier to Boeing on several key systems vital to the KC-46A, with two other subcontracts for the hose and drogue aerial refuelling and body fuel tank systems. All equipment will be manufactured by Cobham Mission Equipment at its site in Davenport, Iowa.
Cobham to Supply Boeing with On-Board Inert Gas Generating System Equipment for US Air Force KC-46 Tanker Programme DAVENPORT, Iowa - Cobham has been selected by Boeing to provide On-Board Inert Gas Generating System (OBIGGS) equipment for use on the US Air Force's new KC-46A Tanker Aircraft. The OBIGGS fulfils a critical aircraft safety system role by displacing fuel tank vapours with inert nitrogen gas, reducing the risk of explosion. Cobham will provide the Air Separation Modules, ozone filter and sensor sub-system for the OBIGGS. The Engineering Manufacturing Development (EMD) phase started January 2012 with low-rate and full-rate production through 2028. The US Air Force plans to initially acquire 179 KC-46A tanker aircraft from Boeing, each of which will carry Cobham-supplied OBIGGS equipment. Work will take place at Cobham Life Support's centre of excellence in Davenport, Iowa.
http://www.investegate.co.uk/Article.aspx?id=201208020700191349J
Cobham plc company Thrane & Thrane Selected by Lockheed Martin for C-130J Communication Upgrades Cobham plc ('Cobham' or 'the Group') is pleased to announce that recently acquired company, Thrane & Thrane A/S, has been awarded the satellite communication component of an upgrade for a fleet of some 200 US Air Force C-130J Super Hercules in a deal expected to exceed DKK 150 million (~£15.9m). The upgrade will use the AVIATOR 700D product which can be tailored to suit any commercial or military airframe and mission profile. Further details of the award from Lockheed Martin (USA) are attached. Click on, or paste the following link into your web browser, to view the associated PDF document: http://www.rns-pdf.londonstockexchange.com/rns/7909H_1-2012-7-16.pdf
http://www.investegate.co.uk/Article.aspx?id=201207170700027909H
Warren Tucker, Chief Financial Officer said: "These transactions substantially complete the planned divestments of Cobham's non-core businesses, leaving us with a portfolio of focused businesses, each of which has differentiated technology and a leading position in attractive markets."
Divestment of Emergency Locator Beacon Businesses for US$73m Cobham plc ('Cobham' or 'the Group') is pleased to announce that it has completed the planned divestment of its non-core emergency locator beacon business in the US to J.F. Lehman & Company for a cash consideration of US$73m on a debt and cash free basis. An additional consideration of up to US$5m may become payable, contingent on future events. In addition, it has divested its small European operation to management for a nominal sum. There is a modest overall profit on these divestments. The businesses design and manufacture beacons and emergency location transmitters, with activities in Fort Lauderdale, Florida, USA and Austria respectively. There is exposure to outdoor recreational markets through retail outlets, which are non-core to Cobham, as well as customers in mature military markets. It is expected that the transactions will be approximately 2% dilutive year-on-year to both 2012 and 2013 earnings. This is the most significant remaining step, following the completion of the sale of the Analytic Solutions business in November 2011, towards achieving the divestment of the Group's non-core activities. Cobham's remaining non-core businesses comprise small, sub-scale businesses and product lines, which together generated annual revenue of approximately £20m in 2011. These will be divested individually over time as transactions are agreed.
http://www.investegate.co.uk/Article.aspx?id=201207090700071703H
Defence firm Cobham said that all the required merger authority approvals have now been secured for its takeover of Danish satellite communications outfit Thrane and Thrane. Cobham now intends to proceed with the delisting of the Thrane & Thrane Shares from the NASDAQ OMX Copenhagen stock exchange, with a view to completing the de-listing by the end of July 2012. Having already indicated that responsibility for Cobham's marine satellite communications (SATCOM) business would be handed to Thrane & Thrane's management team in Denmark once the merger goes through Cobham has now decided that it intends to transfer management responsibility for its land and airborne SATCOM business to the Thrane & Thrane management team by the end of 2012, creating a new Strategic Business Unit reporting to Richard Tyson, President of Cobham's Aerospace and Security Division.