Cobham plc (COB.L) posted first-half pre-tax profit of 90.2 million pounds versus 99.4 million pounds last year.
Profit attributable to equity holders was 78.5 million pounds, down from 79.6 million pounds a year ago. Earnings per share rose to 7.27 pence from 6.93 pence in the prior-year period.
Underlying profit before tax was 142 million pounds, 4% lower than a year ago.
Revenue declined to 843.3 million pounds from 891.9 million pounds in the same period last year.
Cobham remains positive on the outlook for commercial and non US defence/security businesses which now represent 60% of revenue. The outlook for the US defence/security market for the end of 2012 and 2013 is particularly uncertain due to the upcoming US elections and the lack of political consensus on US Government budgets.
The July 2012 divestments of the Beacon businesses and the more first half weighted contribution from the 2011 share buy-back will result in full year EPS growth being lower than the first half. The Board therefore expects full-year 2012 earnings per share to be similar to the prior year taking account of the Beacon divestments, assuming any hiatus in US order placement is no more severe than the usual delays in approving US Government budgets.
Given the uncertainties referred to Cobham is approaching 2013 with caution and building flexibility into its operating model including preparations for appropriate cost management in response to differing US Government budgetary outcomes.
In addition, the Board has approved an interim dividend of 2.40 pence, an increase of 33%.
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by RTT Staff Writer
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