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Cobham shares take off as turnaround produces profits
Defence and aerospace firm Cobham's turnaround plan started to bear fruit as the company swung to a pre-tax profit of £173.1m from a loss of £847.9m a year ago.
Revenues were up to £2.1bn from £1.9bn boosted by a currency tailwind. Adjusted underlying profits fell to £210.3m from £225m in 2016.
Cobham shares were up 18% at one stage in early trade as investors digested the news. The company last year announced several profit warnings and was forced to go to shareholders for more cash.
Chief executive David Lockwood said: "We have completed an encouraging first year of Cobham's turnaround with improvements to customer engagement, transparency and control."
"I have seen early signs of progress against our operational priorities, while risks and challenges remain. I continue to have confidence in our medium term prospects."