24th Apr 2014 07:06
LONDON (Alliance News) - Cobham PLC said Thursday that trading for the first quarter has been in line with the board's expectations and it continues to plan for organic revenue to decline by low-to-mid single digits during the course of the year.
In an interim management statement for the first three months of 2014, Cobham said that while trading has been in line, translation of the firm's revenue and earnings during the quarter have been hit by foreign currency headwinds, as anticipated in its 2013 preliminary results.
The service provider for commercial, defence, and security markets, said it is making good progress with its structure review, designed to help the firm toward strategic development for sustainable growth.
Last week the company sold the last of its non-core businesses, a small business based in Texas in the US, to the unit's management with the deal including a USD15 million term loan note which is payable to Cobham.
Looking ahead, the firm said it anticipates it can deliver mid-single digit organic revenue growth from 2015.
Shares in Cobham were trading higher shortly after the open, up 1.17% at 303.5 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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