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Results & Reports

2009 2008 2007 2006 2005 2004 Archive

2009

Title	Format	Size
2009 Preliminary Results		1.41 MB
2009 Preliminary Results (Webcast)		-
Investor Seminar Thursday 13 October (Webcast)		-
Interim Results 2009		1.03 MB
Interim Report 2009		1.17MB
Interim Results 2009 Presentation (Webcast)		-
Investor Seminar Thursday 29 January (Webcast)		-

2008

Title	Format	Size
Annual Report and Accounts 2008 (interactive version)		-
Annual Report and Accounts 2008		3.72MB
2008 Preliminary Results		1.59MB
2008 Preliminary Results (Webcast)		-
Investor Seminar Thursday, 30 October (Webcast)		-
Interim Report 2008		652KB
Interim Results 2008		1.81MB
Interim Results 2008 (Webcast)		-
Acquisition of M/A-COM		403KB

2007

Title	Format	Size
Annual Report and Accounts 2007		2.6MB
Preliminary Results 2007		2.56MB
Preliminary Results 2007 (Webcast)		-
Restated Divisional Results		12KB
The New Divisions		48KB
Interim Report 2007		861KB
Interim Results 2007		3.8MB
Interim Results 2007 (Webcast)		-

2006

Title	Format	Size
Annual Report and Accounts 2006 (interactive version)		-
Annual Report and Accounts 2006		4.5MB
Preliminary Results 2006		5.4MB
Preliminary Results 2006 (Webcast)		-
Interim Report 2006		1.5MB
Interim Results 2006		946KB

2005

Title	Format	Size
Annual Report and Accounts 2005		1.0MB
Preliminary Results 2005		1.3MB
Historical Analysis of Revenue and Trading Profit		22KB
Explanation of transition to IFRS		19KB
Transition to International Financial Reporting Standards		256KB
Investor Day 7 June 2005		4.1MB
Restatement of 2004 Results to IFRS		61KB
Interim Report 2005		740KB
Interim Results 2005		4.6MB

2004

Title	Format	Size
Annual Report and Accounts 2004		1.5MB
Preliminary Results 2004		1.3MB
Acquisition of REMEC Defense and Space		600KB
Interim Report 2004		116KB
Interim Results 2004		349KB

2003

Title	Format	Size
Annual Report and Accounts 2003		1.3MB
Preliminary Results 2003		1.8MB
Interim Report 2003		1.7MB
Interim Results for the half year ended 30 June 2003		80KB

2002

Title	Format	Size
Annual Report and Accounts 2002		1.3MB
Preliminary Results for the year ended 31 December 2002		106KB
Interim Statement		1.7MB
Interim Results for the half year ended 30 June 2002		74KB

2001

Title	Format	Size
Annual Report and Accounts 2001		6.7MB

Our Preliminary Results for the Year Ended 31 December 2009, are as follows:
	2008	2009	Change
Order intake	£1,664m	£1,750m	+5%
Total revenue	£1,467m	£1,880m	+28%
Underlying¹ trading margin	17.2%	17.9%	+0.7%pts
Underlying¹ profit before tax	£244m	£295m	+21%
Statutory profit before tax²	£121m	£245m	-
Underlying¹ earnings per share (EPS)	15.4p	18.8p	+22%
Basic EPS	8.4p	16.3p	-
Operating cash conversion³	106%	89%	-
Full Year dividend per share	4.955p	5.45p	+10%

Please click here for our financial highlights and notes

Military and government business has performed well with organic revenue growth of 7%, however revenue from commercial activities declined 13% giving 1% organic growth in the Technology Divisions
Significant contribution to revenue and profit growth from 2008 acquisitions, with M/ACOM integration on track and increasing technology collaboration resulting in new contract awards
Underlying EPS growth of 34%; or 19% at constant currency translation
Strong operating cash flow of £139m with cash conversion of 87%; gearing at 1.2 times net debt/EBITDA at the period end
Interim dividend increased by 10% to 1.48p

Footnotes

The following notes apply throughout these preliminary results:

To assist with the understanding of earnings trends, the Group has included within its published statements trading profit and underlying earnings results. Trading profit and underlying earnings have been defined to exclude the impacts of certain acquisition related charges, portfolio restructuring impacts, the mark-to-market of currency instruments not realised in the period and impairments of goodwill. Acquisition related charges excluded from trading profit and underlying earnings include the amortisation of intangible assets recognised on acquisition, such as customer relationships, technology, software and the like, the writing off of the pre-acquisition profit element of inventory written up on acquisition and costs charged post acquisition, related to acquired share options. Portfolio restructuring impacts comprise exceptional profits arising on business divestments completed in prior years which have funded exceptional costs associated with the restructuring of the Group's business and site integrations. Both the divestments and the integration activity originate from the Group's strategy announcement in September 2005. The 2005 portfolio restructuring is now substantially complete and restructuring costs arising after 2009 are to be reported as part of the underlying result. All underlying measures include the revenue and operational results of both continuing and discontinued businesses up to the point of sale of the operation. From 2010 transaction costs, earnings required to be expensed and changes to the initial estimate of contingent payments related to future acquisitions will also be excluded from trading profit and underlying earnings.
On continuing operations.
Operating cash flow is defined as cash generated from operations per the consolidated cash flow statement, adjusted for cash flows from the purchase or disposal of fixed assets. Operating cash conversion is defined as operating cash flow as a percentage of trading profit, excluding profit from joint ventures.
Cobham's Technology Divisions comprise Cobham Avionics and Surveillance, Cobham Defence Systems and Cobham Mission Systems.
Throughout this document, PV (Private Venture or company funded Research and Development expenditure) for 2008 and the PV medium term target have been restated on a proforma basis for the impact of Cobham Analytic Solutions, formerly SPARTA and Argotek, where the vast majority of Research and Development is funded by customers. These numbers are stated on the same basis as the 2009 results.
Organic revenue growth is defined as revenue growth stated at constant translation exchange, excluding the incremental effect of acquisitions and disposals.