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Cobham slumps as it swings to first-half loss

Thu, 04th Aug 2016 08:36

(ShareCast News) - Shares in Cobham tumbled on Thursday after the FTSE 250 aerospace and defence group said it swung to a loss in the first half and cut its interim dividend.For the six months to the end of June, the company posted a pre-tax loss of £38m from a profit of £4m the year before as revenue slid 13% to £917m.The group said first-half trading reflects previously-announced first-quarter performance issues and "increased headwinds" in the aviation services business.Cobham, which has issued two profit warnings in the past 12 months, declared an interim dividend of 2.03p per share, down from 2.585p in the first half of 2015.Chief executive Bob Murphy said: "After a challenging start to the year we have delivered a significant improvement in trading performance in the second quarter. "We have won a number of key contract awards in the first half and notably every one of the sectors has a stronger order book than a year ago. Our balance sheet is now strengthened and we have achieved stronger cash generation. A number of challenging market and contract execution risks still remain ahead of us, including on our development programmes, and macro-economic uncertainties that could have an impact on our shorter cycle businesses."Still, Cobham said its expectations for the full year, excluding currency translation impacts, remain unchanged, with a more pronounced earnings bias to the second half of the year.
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4 Aug 2016 06:14

Cobham H1 profit drops, on track to meet FY forecasts

LONDON, Aug 4 (Reuters) - British aerospace and defence company Cobham reported a plunge in first-half profit, as expected, after difficulties in its communications unit, and said it was on track to meet full-year expectations as earnings improve over the period. Cobham on Thursday posted t

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18 Jul 2016 07:00

RPT-AIRSHOW-UK aerospace puts brave face on Brexit

(Repeats JULY 15 story. No change to text.) * UK aerospace industry is No.2 in world behind U.S. * Brexit poses risks to investment, access to skills * But long production cycles, weaker pound help By Sarah Young FARNBOROUGH, England, July 15 (Reuters) - With UK fact

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15 Jul 2016 15:32

AIRSHOW-UK aerospace puts brave face on Brexit

* UK aerospace industry is No.2 in world behind U.S. * Brexit poses risks to investment, access to skills * But long production cycles, weaker pound help By Sarah Young FARNBOROUGH, England, July 15 (Reuters) - With UK factories working at full tilt to meet bumper demand f

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11 Jul 2016 18:55

CORRECTED-AIRSHOW-Boeing sees positive results in testing of KC-46A tanker boom

(In July 10 story, corrects paragraph 2 to show Boeing makes boom, not Cobham) FARNBOROUGH, England, July 10 (Reuters) - Boeing Co is well into testing of a modification to the refueling boom on its troubled KC-46A tanker program and is seeing "positive results," the head of the company's

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10 Jul 2016 12:58

AIRSHOW-Boeing defense CEO says always looking at M&A opportunities

FARNBOROUGH, England, July 10 (Reuters) - Boeing Co's defense division is continuing to look at bolt-on acquisitions across its various business areas, and particularly in the services business, Leanne Caret, chief executive of Boeing Defense, Space & Security, said on Sunday. Caret did no

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4 Jul 2016 07:32

Cobham secures QantasLink contract extension

(ShareCast News) - FTSE 250 aerospace and defence group Cobham has signed a contract to extend its current QantasLink contract for the provision of airline services to the end of 2026. The company has secured a 10-year, AUD1.2bn contract to continue provision of airline services to QantasLink, suppo

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4 Jul 2016 06:10

TOP NEWS: Cobham Wins AUD1.2 Billion Deal Extension With QantasLink

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29 Jun 2016 15:59

LONDON MARKET CLOSE: FTSE 100 Recoups All Post-Referendum Losses

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29 Jun 2016 11:16

LONDON MARKET MIDDAY: Political Stalling Creates Stability For Markets

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29 Jun 2016 07:47

Cobham appoints Qinetiq's David Mellors as CFO

(ShareCast News) - Aerospace and defence group Cobham announced the appointment of David Mellors as chief financial officer. Mellors, who is currently CFO at FTSE 250 science and engineering company Qinetiq, will take up the role no later than 1 January 2017. Simon Nicholls, whose resignation was a

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29 Jun 2016 06:49

TOP NEWS: Cobham Poaches New Finance Chief From QinetiQ

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27 Jun 2016 15:25

BROKER RATINGS SUMMARY UPDATE: Deutsche Lifts ITV To Hold From Sell

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23 Jun 2016 09:58

WINNERS & LOSERS SUMMARY: Tesco Cheers With Like-For-Like Sales Growth

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23 Jun 2016 07:50

Cobham wins $200m Airbus contract

(ShareCast News) - Cobham Aerospace Communications said it had won a contract worth up to $200m from Airbus to supply a new safety system with the potential for extra revenue. The system aims at providing voice and data air-ground communication and connects air traffic control applications to high-p

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23 Jun 2016 07:35

LONDON MARKET OPEN: Stocks Up Led By Tesco; Pound Holds Onto Gains

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