Cobham, profiled by GovCon Wire here, reported organic growth of 7% in 2009. The firm also reports integration of 2008 acquisitions was successfully completed and strong results from Lansdale, SPARTA and M/A-COM and non-core M/A-COM Technology Solutions business divested. The report also notes an underlying EPS growth of 22%; 13% at constant currency translation, with good cost control.
“Cobham has delivered double digit earnings growth in 2009, with good growth from our defense and security businesses, despite weakness in the Mission Systems Division, ” said Andy Stevens, CEO of Cobham. “Commercial markets, representing around one fifth of technology revenue, were difficult. In 2010 we expect organic revenue growth from the Technology Divisions to pick up, with the Defence Systems Division and the surveillance business remaining strong and Mission Systems progressively executing its delayed shipments. Commercial markets remain hard to predict but are unlikely to recover rapidly. The Board expects further progress in 2010, although earnings are expected to be more than usually weighted to the second half.”