Shares in Cobham sank to the bottom of the Europe-wide Stoxx 600 index on Thursday, after the UK aerospace group warned on profits for the fifth time in less than two years.

Shares dropped as much as 21 per cent in early trading, and were down 20 per cent to 109.3p, their lowest level since 2005. If held, that would be their worst one-day fall ever.

The company has already made something of a habit of big moves, with shares similarly dropping more than 20 per cent at one point after its last profit warning in January.

Cobham warned today that underlying profits for the year would be £20m lower than previously estimated, while a litany of “exceptional” charges will drag its reported figures down even lower.

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