Results consistent with guidance and good progress on strategic objectives
Order book increased to £2.5bn (31 December 2012: £2.4bn), benefitting from strong order intake in Aviation Services
Group revenue increased 2%. Organic revenue4 declined 3%, in line with expectations, with strong growth in commercial markets more than offset by defence/security
Underlying profit before tax down 3%, with positive contributions from acquisitions, offset by US defence/security weakness and prior period beacon divestments
Further progress towards more balanced portfolio, with commercial markets now 36% of Group revenue, and Axell Wireless Limited and FBH acquisitions bringing further complementary capabilities
Incremental savings from Excellence in Delivery programme accelerated, now expected to be £19m in the full year, with reinvestment to drive organic growth
Interim dividend up 10% to 2.64p, continuing the Group's long standing, progressive dividend policy
Bob Murphy, Cobham Chief Executive Officer, said:
"We have delivered results consistent with our full year guidance, in a US defence/security market that continues to be challenging, and we have taken further important steps in the first half towards achieving our strategic objectives.
"We anticipate that we will continue to perform in line with our previous full year guidance for 2013. While the outlook for US Government spending remains highly uncertain, on the basis of current market trends, there is the potential to deliver modest organic growth in 2014. We anticipate mid-single digit organic growth thereafter."
