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Britain's Cobham downgrades profit forecast again

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 24 (Reuters) - British aerospace and defence company Cobham (Other OTC: CBHMF - news) downgraded its profit forecast for the second time this year after a continued weak performance in its communications unit.

Cobham warned on Monday that its annual trading profit would now come in at between 255 million pounds ($311 million) and 275 million pounds, as much as 14 percent lower than a previous consensus forecast of 295 million pounds.

The struggling company had already announced that it would replace its CEO with David Lockwood, current boss of technology company Laird (Other OTC: LARRF - news) , who is due to take over before the end of 2016.

Cobham launched a 500 million pound emergency rights issue in April after it was hit by delayed shipments in its Wireless communications business and due to lower demand from oil and mining customers for flying services in Australia.

($1 = 0.8194 pounds) (Reporting by Sarah Young; editing by Kate Holton)