Orders fly in for Cobham

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Manufacturing News, Source : TheManufacturer.com
Published : 15 Mar 2007 12:36
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The UK aerospace and defence company Cobham plc today reported a record order book and improved profits.

Reporting it 2006 results, Cobham said it had enjoyed a record order intake of £1.4 billion. Sales fell a little to £1.015 billion (2005: £1.09bn) because of discontinued operations but pre-tax profits were up 9.5 per cent to £183 million (2005: £167m).

Chairman Gordon Page said the strong results, underpinned by record order intake, reinforced Cobham’s confidence in the future. We have made good progress in the implementation of our strategy to increase PV (research and development) investment, improve operational efficiency, and increase the proportion of sales in high growth technology markets. We look forward to continued progress in 2007," he said.

A number of non-core and underperforming businesses had been discontinued, enhancing profitability and growth prospects while a focus on streamlining permitted the company to concentrate on its core technologies.

In core markets, success was reflected in new contracts such as a AUS$1 billion ‘Sentinel’ (formerly Coastwatch) contract.

In 2006 the delayed AirTanker project had made encouraging progress in negotiations with the MoD and its suppliers and should progress to contract closure in 2007.