Cobham throwing off cash as RAF project takes off
Defence technology group Cobham confirmed trading remained on track with strong cash conversion in the first quarter.
Defence technology group Cobham confirmed trading remained on track with strong cash conversion in the first quarter.
The aviation, defence electronics and mission equipment provider said its full year outlook remained unchanged after its trading performance in the first three months of the year had been in line with the board's expectations.
Cobham's powerful operating cash conversion rate in the first quarter allowed it to comfortably invest £24m in the UK Future Strategic Tanker Aircraft consortium. The company is part of a private sector consortium which will provide the Royal Air Force with air-to-air refuelling aircraft, and provide long-term service.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The balance sheet remains "conservatively geared", with a 6.0% rise in net debt to £382m at the end of March coming from the £39m currency impact.
Management confirmed that Chief Financial Officer Warren Tucker would be succeeded on May 1st by Simon Nicholls, currently Group Finance Director of engineering group and FTSE 250 peer Senior, while Non-Executive Director Marcus Beresford is to stand down at the annual general meeting, to be replaced by Jonathan Flint, Chief Executive of Oxford Instruments.
Cobham's shares were up 1.8% at 246.90p at 9:00am.
OH
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'
Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?
To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.