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Financial Information For the year ended 31 December 2010, Trivec generated operating profits of US$22.4 million and EBITDA of US$22.6 million. At 31 December 2010 Trivec had gross assets, excluding debt and cash, of US$11.7million. After an allowable expense relating to goodwill amortisation (see note 3) Cobham is paying 4.5x 2010 EBITDA, in part reflecting the fact that 2010 was a year with exceptionally high land sales. It is expected that the acquisition will be immediately earnings enhancing and will cover its cost of capital in the first year of ownership.
http://www.investegate.co.uk/Article.aspx?id=201109150711122880O
Cobham (COB) has been awarded a 10 million pound, four year contract to provide a flight inspection service to the UK Ministry of Defence, with two additional one-year options. The aerospace company will calibrate navigation and landing aids at all of the Ministry's airfields across the globe, from the Falklands to Afghanistan.
http://www.investegate.co.uk/Article.aspx?id=201108110700061265M
Goldman Sachs has upgraded Cobham from neutral to buy, target price cut from 240p to 225p
Not too long ago, British defence industry chiefs were jostling to get as large a slice of the Pentagon’s growing budget as possible. But even before this week’s $2.5 trillion debt reduction package, the US military had begun the process of cutting back. Contracts have been delayed and there is uncertainty over the future of many big programmes. Cobham, which gets about half of its revenues from the United States, has already suffered. Revenues in the first half were down 7 per cent to £892 million and it has cut its full-year sales forecast. As an engineer, Cobham has proven itself an innovative and successful business. But it urgently needs to redirect some of that nous and energy into new geographical markets and products. If the US Treasury market starts to squawk again, the Pentagon cuts may have to go much deeper. Avoid, suggests the Times.
I think Cobham stalled in mid-air at the air-show!
The Paris Air Show is on this week, Should be getting some orders. Bearing in mind the defence cut backs the arms that are being used in the Arab world will have to be replaced. The Civil Air planes are selling well. COB makes stuff for all sorts. Should do well. IMHO.
Defence business Cobham (COB) saw its shares rise by 2.7p to 207.4p as it announced a five year professional services contract with the Deputy Assistant Secretary of Defense (DASD), Developmental Test and Evaluation (DDT&E). The firm will act as prime supplier under the $190 million deal. Cobham has also won a $6.3 million, five year contract to provide professional services to the Deputy for Capability Development.
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BLERS
Cobham is the European defence company that is “best addressing a shrinking defence market”, according to UBS, which has upgraded the group’s rating to a ‘buy’, from ‘hold’. UBS highlights Cobham’s continuing disposal programme – which includes Cobham Analytics and Commercial Systems – saying that it is selling businesses at high multiples, and thus, “crystallising value”. The target price is hiked to 270, from 225p previously.
Cobham wins Eurofighter contract Date: Tuesday 29 Mar 2011 LONDON (ShareCast) - Defence firm Cobham has won a contract worth more than £18m to provide chaff and flare defensive aids systems for the Eurofighter Typhoon fighter jet Tranche 3A programme. The contract runs from mid-2012 to the end of 2014. As a Eurofighter supplier company, Cobham will be the system integrator for the chaff and flare equipment which is delivered to aircraft assembly facilities through Alenia Aeronautica, a Finmeccanica company. Chaff and flare defensive aids systems are used to deflect heat seeking missiles.
"We remain strongly committed to delivering a range of auxiliary mission equipment of the highest standard for Eurofighter and are delighted to continue providing the Chaff and Flare Systems to support the multi role capability of the aircraft," said Iain Gibson, Vice President for Cobham Mission Equipment.
Cobham wins £18m contract for Eurofighter Tranche 3A Defensive Aids WIMBORNE, United Kingdom - Cobham will provide Chaff and Flare Defensive Aids Systems for the Eurofighter Typhoon fighter jet Tranche 3A programme, under a contract worth more than £18m (approximately 21m Euros). Deliveries will begin in mid 2012 to sustain production until the end of 2014. The Eurofighter's Chaff and Flare Defensive Aids System comprises dispensers which release infrared flares to defeat heat seeking missiles and chaff to disrupt radar guided missiles. The Cobham supplied system is an aircraft baseline requirement, integral to the defensive capabilities of the Eurofighter. As a Eurofighter supplier company, Cobham is the system integrator for the chaff and flare equipments which are delivered to aircraft assembly facilities through Alenia Aeronautica, a Finmeccanica company, acting in the role of prime Eurofighter Partner Company (EPC) under work share arrangements.
Cobham is best known for its heavy aviation engineering. The tankers that refuel RAF aircraft flying to Libya, for example, use the company’s pipes and drogues. A few weeks ago it received a huge boost when American authorities, after lengthy deliberations, finally went for Boeing’s KC-46A tanker, which Cobham supplies. The initial tranche of 179 craft could be worth $1bn (GBP613m) to the company. Yesterday Cobham announced a further useful order from Boeing to make bomb racks for F15E jets. The shares are trading on less than 11 times this year’s earnings. There seems little sign that demand for Cobham’s product will lessen; a strong long-term “hold” says the Times.
Cobham Awarded Boeing Contract for Small Diameter Bomb Racks ORCHARD PARK, New York - Cobham has been awarded a contract from Boeing to manufacture more than 400 units for the seventh production lot of BRU-61/A weapons carriage system capable of supporting the US Air Force's Small Diameter Bomb (SDB) program. To date, Cobham has supplied more than 1400 carriages in support of worldwide operations. The BRU-61/A is used by the Air Force's F-15E jet fighter to carry four SDB precision strike munitions, increasing the aircraft capability per sortie. The BRU-61/A utilizes pneumatic ejection technology to release the SDB using compressed air rather than pyrotechnic cartridges, as per older weapons carriage systems. "The BRU-61/A is a much safer system that requires significantly less logistical support, maintenance and repair when compared to legacy systems," said Iain Gibson, president of Cobham Mission Equipment. "Cobham has been supplying this system to Boeing for seven years, with an outstanding delivery and performance record, and we are confident they will continue to choose Cobham as a trusted supplier." The BRU-61/A carriage system is the first pneumatic Multi-Stores Carriage System to enter service with US aircraft and represents the latest design in pneumatic ejection systems. It has been successfully employed in combat on the F-15E fighter as part of the SDB weapon system, providing close air support for ground troops operating in Iraq since in October 2006. Cobham has supplied more than 1400 BRU-61/A carriage systems worldwide.
Cobham extends relationship with Pratt & Whitney Date: Tuesday 08 Mar 2011 LONDON (ShareCast) - US aircraft engine developer Pratt & Whitney has awarded a $45m contract to UK defence firm Cobham. The long term agreement is for the provision of advanced composite products for multiple military aircraft engine applications. Cobham will produce advanced, medium and high temperature composite structures for both the F135 and F119 engines at the UK company's production facilities in San Diego, California and Suffolk, Virginia. "This long term agreement represents an important step in realising our growth plans, and will be establishing dual manufacturing lines in both San Diego and Suffolk to preclude any natural or man-made disasters from taking down the production line," said Jeremy Wensinger, president of Cobham Defence Systems division. Cobham has been a key supplier to Pratt & Whitney for more than five years for a variety of composite applications for both military and commercial aircraft engines.
Cobham Receives Five-Year, US $45M Long-Term Agreement from Pratt & Whitney for Advanced Composite Products
http://www.investegate.co.uk/Article.aspx?id=201103080700064649C
US defence cuts squeeze Cobham Date: Thursday 03 Mar 2011 LONDON (ShareCast) - Defence firm Cobham’s profits in 2010 were hurt by delays in orders in the US and the company sees continuing difficulties this year as the world’s only superpower seeks to rein in spending following the financial crisis. Statutory pre-tax profits in the year to 31 December fell to £189m from £245m on revenues that edged up to £1.8bn from £1.75bn. However, underlying pre-tax profits grew to £306m from £295m, the company said. Among the expenses Cobham faced were a £19m post-tax one of settlement of a commercial dispute. “Good revenue growth in certain Strategic Business Units was masked by order slippages on significant defence and security programmes and some continuing softness in certain commercial markets,” said chief executive Andy Stevens. The final dividend rises to 4.4p from 4p previously, taking the total payout for the year to 6p, up 10% from the previous year. “We continue to see challenges in some of our markets and uncertainties as the Continuing Resolution impacts the funding of US Government spending,” Stevens said. “As a consequence, the rate of revenue growth in our Technology Divisions remains at the level experienced during 2010.”
Commenting on the results and outlook, Andy Stevens, Chief Executive Officer, said: "We have delivered 5% underlying earnings growth in challenging markets. Good revenue growth in certain Strategic Business Units was masked by order slippages on significant defence and security programmes and some continuing softness in certain commercial markets. We have made encouraging progress on Excellence in Delivery and achieved cost savings which have contributed to earnings growth from flat Group revenue. "We continue to see challenges in some of our markets and uncertainties as the Continuing Resolution impacts the funding of US Government spending. As a consequence, the rate of revenue growth in our Technology Divisions remains at the level experienced during 2010. We have configured the business with a prudent view of top line growth for the current year and have already accelerated integration plans to deliver £21m of cost savings in 2011. "We continue to have strong long-term positions in attractive markets with superior growth and are focusing our technology investment and acquisition strategy in areas of customer priority. This approach, together with customer and cost benefits from our operational improvement plan, gives the Board confidence that the Group will continue to make progress over the medium term."
· Order intake in Technology Divisions4 up 7% at constant translation exchange rates and important awards on long term programmes · Underlying EPS growth of 5% with efficiencies of over £10m, including savings from the on track Excellence in Delivery programme. · £219m of free cash flow3 and year end net debt/EBITDA down to 0.8 times · Recommended 10% increase in dividend for the year and share buy-back programme of up to £150m · Acquisitions strengthen presence in homeland security market with completion of three bolt-in acquisitions totalling US$175m in 2010 and early 2011 · Aerial refuelling systems selected on important new US Air Force KC-46A tanker aircraft in early 2011