I'm staying, vows boss of struggling Cobham after slump in profits

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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.

Source Article from http://www.standard.co.uk/business/i-m-staying-vows-boss-of-struggling-cobham-after-slump-in-profits-a3312081.html

August 4, 2016 |
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