Shares in defence tech company Cobham (LON:COB) rose on Wednesday, after it confirmed its turnaround plan was on track and trading for 2017 was in line with expectations.
The positive news comes after Cobham was forced to issue a string of profit warnings over the last two years, as “onerous contracts, including the KC-46 tanker programme, and other legacy issues” led to a fall in performance.
However earlier this year the company began a turnaround plan focusing on its three operation priorities of customer focus, leadership and simplification and control and execution. In a statement on Wednesday, the group said “performance in the first ten months of 2017 has been largely as expected”, inspiring investor confidence in its progress and sending shares up in early trading.
“As previously stated there remains a range of potential outcomes for full year performance and, as in prior years, this includes a significant level of trading activity in the final two months of the year”, the Board continued.
“Overall, the Board’s expectations for Group performance in 2017 remain unchanged.”
Shares in Cobham are currently trading up 2.20 percent at 129.80 (1036GMT).