Cobham first quarter performance in line after string of warnings

UK aerospace and defence company Cobham has said its first quarter trading performance has come in line with expectations after the struggling group has issued five profit warnings in the space of the last 16 months.

The FTSE 250 group – which is in the early stages of a turnround strategy – said its overall expectations for the year remained unchanged after the first three months of the year.

In February, the company’s shares fell as much as 20 per cent after it issued another profit warning and said it may struggle to match its disappointing 2016 performance this year.

Cobham said it had now started a “review of the breadth and shape of its portfolio and expects to provide an update to the market in its interim results expected to be published on 3 August”.