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Cobham sees return to revenue growth in 2015

Reuters - UK Focus

LONDON, April 24 (Reuters) - British defence and aerospace supplier Cobham (Other OTC: CBHMF - news) said it remained confident of returning to revenue growth next year, after repeating its guidance for low-to-mid single digit organic revenue decline in 2014.

The company said that its performance in the first three months of this year had been in line with its expectations, with foreign currency headwinds impacting its revenues and earnings.

"The board continues to anticipate that Cobham can deliver mid-single digit organic revenue growth from 2015," the company, which is undertaking a review of its structure, said in a statement on Thursday.

Cobham said in March it expected the tough U.S. defence spending environment and unfavourable currency exchange rates to weigh on profits this year. It is one of a number of Western defence firms being squeezed as customers in the United States and Europe reduce spending amid a withdrawal from Afghanistan and Iraq. (Reporting by Sarah Young; Editing by Brenda Goh)