Military and civil systems provider Cobham Plc. (COB.L) Thursday said annual profit attributable to owners of the parent fell to 173.3 million pounds from 187.9 million pounds in the previous year. Earnings per share fell to 16.08 pence from 16.76 pence.
Pre-tax profit dropped to 206.0 million pounds from 234.3 million pounds in the prior year.
Group revenue decreased 6 percent to 1.749 billion pounds from 1.854 billion pounds, amid divestments.
Order intake declined 19 percent to 1.656 billion pounds from last year's 2.046 billion pounds.
The company's board recommended full year dividend increase of 10 percent to 8.8 pence per share.
Bob Murphy, CEO, said, ''The US defence/security market remains highly uncertain and we expect a period of declining, then flat, US Government budgets consistent with previous down cycles.''
Looking ahead, in line with its previous guidance, Cobham said its plans are based on group revenue declining organically by low-to-mid single digits in 2013, as the decrease in defence/security revenue is only partially offset by growth in commercial markets. In 2013, group operating margins are expected to be slightly lower than in 2012.
The group continues to anticipate a return to modest organic growth from 2014, rising above mid single digit growth thereafter.
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