5th Mar 2015 07:49
LONDON (Alliance News) - Aerospace and defence manufacturer Cobham PLC on Thursday reported a big fall in pretax profit for 2014 despite higher revenue, as the company's results were held back by restructuring and acquisition costs.
Cobham said its pretax profit for the year was GBP24 million, sharply down from the GBP127 million it posted a year earlier due to costs related to the acquisition of US communications equipment maker Aeroflex and restructuring measures.
Revenue increased to GBP1.85 billion from GBP1.79 billion last year, driven by acquisitions and a 5% rise in like-for-like commercial revenue growth, Cobham said.
Despite the fall in profit, the company is recommending a 10% hike to its total dividend for the year to 10.65 pence, up from 9.68 pence a year earlier. That includes a 7.746 pence final dividend, up from 7.04 pence in 2013.
"Overall we have made significant progress on the delivery of our strategic objectives in 2014 and, as anticipated, Cobham remains well positioned to deliver mid-single digit organic revenue growth from 2015," said Cobham Chief Executive Bob Murphy.
By Sam Unsted; [email protected]; @SamUAtAlliance
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