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Cobham PLC (COB)

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Wednesday 15 November, 2017

Cobham PLC

Trading Statement

RNS Number : 5127W
Cobham PLC
15 November 2017
 

15 November 2017

Trading Update

 

Cobham plc ("Cobham" or "the Group") today issues a trading update covering the period from 1 January 2017 to the end of October 2017.

 

Trading Performance to Date

The Group's performance in the first ten months of 2017 has been largely as expected.  Cobham has continued to build the foundations for its future success through the implementation of a challenging turnaround in its performance.  This turnaround includes arresting and reversing the Group's negative performance trajectory and the resolution of onerous contracts, including the KC-46 tanker programme, and other legacy issues.  The Group is continuing to focus on its three operational priorities of: (1) customer focus, (2) leadership and simplification and (3) control and execution.

 

Strategic Review

The Strategic Review of Cobham's Wireless and AvComm business units is ongoing and an update will be provided in due course.

 

Board and Senior Management Changes

In addition to the Board and senior management appointments announced in the interim announcement in August, the following changes have been made to the senior team:

 

·     Paul Kahn was appointed President of Cobham's Communications and Connectivity Sector in October 2017;

·     Gillian Duggan was appointed Executive Vice President of Human Resources and Communications at the beginning of November 2017.

 

 

 

 

Outlook

As previously stated there remains a range of potential outcomes for full year performance and, as in prior years, this includes a significant level of trading activity in the final two months of the year. Overall, the Board's expectations for Group performance in 2017 remain unchanged.

 

The Group's preliminary results will be announced on 1 March 2018.

 

- ends -

 

Enquiries:

Cobham plc

Julian Wais, Director of Investor Relations

MHP Communications

Reg Hoare/Nessyah Hart

+44 (0)1202 857998

                                

+44 (0)20 3128 8100

Notes:

1.  This document contains 'forward-looking statements' with respect to the financial condition, results of operations and business of Cobham and to certain of Cobham's plans and objectives with respect to these items.

 

Forward-looking statements are sometimes but not always identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'targets', 'goal', or 'estimates'.  By their very nature forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or will occur in the future.

 

There are various factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.  These factors include, but are not limited to, changes in the economies, political situations and markets in which the Group operates; changes in government priorities due to programme reviews or revisions to strategic objectives; changes in the regulatory or competition frameworks in which the Group operates; the impact of legal or other proceedings against or which affect the Group; changes to or delays in programmes in which the Group is involved; the completion of acquisitions and divestitures and changes in commodity prices, inflation or exchange rates.

 

All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Cobham or any other member of the Group or persons acting on their behalf, are expressly qualified in their entirety by the factors referred to above.  Cobham does not intend to update these forward-looking statements.

 

2.  Cobham is a leading global technology and services innovator, respected for providing solutions to the most challenging problems, from deep space to the depths of the ocean.  We employ around 11,000 people primarily in the USA; UK and Europe and Australia.  We have customers and partners in over 100 countries, with market leading positions in: wireless, audio, video and data communications, including satellite communications; defence electronics; air-to-air refuelling; aviation services; life support and mission equipment.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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