Cobham names new boss as first-half profit soars
DEFENCE group Cobham posted a jump in its first-half profit yesterday, and said it would continue its acquisition strategy, while promoting chief operating officer Andy Stevens as its new chief executive.
Underlying pre-tax profit in the first half of the year rose 32 per cent to £141m, in line with market expectations, on sales up 51 per cent to £952m.
The company was also boosted by a number of acquisitions including the american electronics business M/A COM, which it bought last year for $425m.
Chief executive Allan Cook, who will retire at the end of the year, said “strategic acquisitions” were still on the agenda despite a slowdown in its deal rate in 2009.
“We are looking at deals right now. Size is not important — we are looking for deals in high growth, high tech areas with strong management,” Cook said.