Troubled UK defence and aerospace group Cobham has reported better than expected results with a return to the black and slightly improved revenue on the back of favourable exchange rates.
The group reported operating earnings of GBP104 million (USD143.9 million) for 2017; up from a statutory operating loss of GBP779 million in 2016.
Revenues climbed 6% to exceed GBP2 billion, although organic growth was sluggish at just 1%.
The group did, however, drastically reduce net debt from GBP1 billion to GBP384 million and is seeking to reduce this further through the divestments of the AvComm and wireless test and measurement businesses.
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