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Cobham takes charge on troubled Boeing tanker programme, cuts guidance

Reuters - UK Focus

LONDON, Feb 16 (Reuters) - British engineering group Cobham (Amsterdam: CH6.AS - news) said it would take a 150 million pound ($187 million) charge on its work on Boeing (NYSE: BA - news) 's troubled KC-46 tanker program and downgraded its likely 2016 trading profit again.

The company said on Thursday its trading profit for 2016 was expected to be 225 million pounds, after deducting 20 million pounds of year-end adjustments from the forecast given last month.

Chairman Mike Wareing said: "Whilst the charge to finish the development phase is hugely disappointing, it is essential and does bound all historic liabilities, as well as appropriately funding the remaining work."

Cobham (Other OTC: CBHMF - news) said "undoubted" uncertainties in the market meant its ability to forecast its performance was not as strong as it should be, and it was difficult to predict the year ahead. The board added that delivery of a similar performance to that of 2016 in 2017 "may be challenging". ($1 = 0.8019 pounds) (Reporting by Paul Sandle; editing by Kate Holton)