LONDON, Oct 24 (Reuters) - British aerospace and defencecompany Cobham downgraded its profit forecast for thesecond time this year after a continued weak performance in itscommunications unit.
Cobham warned on Monday that its annual trading profit wouldnow come in at between 255 million pounds ($311 million) and 275million pounds, as much as 14 percent lower than a previousconsensus forecast of 295 million pounds.
The struggling company had already announced that it wouldreplace its CEO with David Lockwood, current boss of technologycompany Laird, who is due to take over before the end of2016.
Cobham launched a 500 million pound emergency rights issuein April after it was hit by delayed shipments in its Wirelesscommunications business and due to lower demand from oil andmining customers for flying services in Australia.
($1 = 0.8194 pounds) (Reporting by Sarah Young; editing by Kate Holton)
