Cobham plc (LON:COB) today issued a trading update covering the period 1 January 2018 to the end of October 2018.
The Group’s performance in the first ten months of the year has been as expected. Cobham continues to make progress in executing its turnaround programme. At a Sector level, underlying operating profit* in Mission Systems and Communications and Connectivity has been stronger than in the prior year, which offsets weaker performances in Advanced Electronic Solutions and Aviation Services.
Overall, the Board’s expectations for the full year 2018 remain unchanged from those set out in the Interim Results on 3 August 2018. As in prior years, there remains significant trading activity in the final two months of the year.
On the KC-46 progamme, Cobham had delivered a total of 18 production standard Centerline Drogue Systems by the end of October. Qualification of the Wing Aerial Refuelling Pods remains in its early stages with risks relating to schedule and cost. Discussions with Boeing have continued regarding its unquantified damages assertions and payment withhold.
Cobham is holding a Capital Markets Day in London on the morning of 28 November 2018, focusing on the Mission Systems Sector.
The Group’s preliminary results for the year ended 31 December 2018 will be announced on 7 March 2019.
