I'm staying, vows boss of struggling Cobham after slump in profitsComments Off on I'm staying, vows boss of struggling Cobham after slump in profits
COBHAM boss Bob Murphy has pledged to stay at the helm of the defence contractor and engineer a turnaround after a string of body blows led it to a sharp slump in profits.
“I’m here, I’m doing this job and I’m here to deliver in the second half,” the 58-year-old said.
He added he didn’t have any knowledge of plans to replace him, despite reports chairman John Devaney was tapping up a replacement. “We have no knowledge or comment on that,” he added
First-half performance, marked by a rights issue and accounting scandal at the wireless unit, which engineered kit for use at the Rio Olympics, was poor with underlying pre-tax profits down 44% to £76 million.
However, new orders rose by nearly a third thanks to deals with the likes of airline Qantas.
Murphy promised a rosier second half. He said the misfiring wireless division was making a “strong recovery” and Cobham was on track to hit £6 million of savings for the second half having notched up £4 million savings in the first half.