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Acquisition costs, slowdown in military and security spending blasts 81% off annual profits for defence engineer Cobham
By Ben Griffiths for the Daily Mail Published: 10:56 GMT, 5 March 2015 | Updated: 17:30 GMT, 5 March 2015
Aerospace and defence engineer Cobham today posted an 81 per cent fall in annual pretax profits knocked by on-off costs associated with a big US acquisition as well as problems in military and security markets which were only partially offset by a growing civilian business. Cobham, which last year celebrated its 80th birthday, reported annual earnings of £24.3million, down from £126.6million a year earlier, although revenues rose 3 per cent to £1.85billion, up from £1.79billion.
The group was also hit by headwinds from foreign exchange movements, and the results sent its shares 7.1p lower in morning trade to 324.9p. The company is best known for its air-to-air refuelling technology pioneered by founder Sir Alan Cobham The company is best known for its air-to-air refuelling technology pioneered by founder Sir Alan Cobham
The company, best known for its air-to-air refuelling technology pioneered by founder Sir Alan Cobham and today used on jets including the F-35 Joint Strike Fighter, has been working to integrate US rival Aeroflex, its biggest-ever acquisition.
By Ben Griffiths for the Daily Mail Published: 10:56 GMT, 5 March 2015 | Updated: 17:30 GMT, 5 March 2015
Aerospace and defence engineer Cobham today posted an 81 per cent fall in annual pretax profits knocked by on-off costs associated with a big US acquisition as well as problems in military and security markets which were only partially offset by a growing civilian business. Cobham, which last year celebrated its 80th birthday, reported annual earnings of £24.3million, down from £126.6million a year earlier, although revenues rose 3 per cent to £1.85billion, up from £1.79billion.
The group was also hit by headwinds from foreign exchange movements, and the results sent its shares 7.1p lower in morning trade to 324.9p. The company is best known for its air-to-air refuelling technology pioneered by founder Sir Alan Cobham The company is best known for its air-to-air refuelling technology pioneered by founder Sir Alan Cobham
The company, best known for its air-to-air refuelling technology pioneered by founder Sir Alan Cobham and today used on jets including the F-35 Joint Strike Fighter, has been working to integrate US rival Aeroflex, its biggest-ever acquisition.
http://www.thisismoney.co.uk/money/markets...its-Cobham.html
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Mar 6 2015, 11:06 AM
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