Cobham PLC Trading Statement (5127W)
15 November 2017 - 6:01PM
UK Regulatory
TIDMCOB
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 +44 (0)1202 857998
MHP Communications
Reg Hoare/Nessyah Hart +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
END
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