UK equipment supplier Cobham is the latest aerospace company to complain that delays in the Eurofighter programme are costing it money.
Cobham - a major supplier to the Typhoon through its FR-HiTemp and other businesses - says margins fell 1% in the first half because of £1.3 million ($2.34 million) costs associated with Eurofighter, together with its share in the AirTanker consortium bidding for the delayed UK Future Strategic Tanker Aircraft (FSTA) contract, as well as the Airbus A380.
But the avionics to military training group's performance remains robust. It reported pre-tax profits up 16% to £62 million on sales 20% higher at £462 million for the six months to 30 June, boosted by four acquisitions on which it spent £33 million. Orders were up 35% at £528 million, thanks largely to "increased opportunities in civil aircraft" and a "buoyant" US defence market.
Chief executive Allan Cook says the commercial aircraft sector is growing year-on-year for the first time since 11 September 2001, although strong demand in Asia and Europe is being offset by a still "fragile" US market.
Cook said he was confident Eurofighter Tranche 2 orders and AirTanker's preferred bidder status for FSTA would be secured by the year-end.
MURDO MORRISON / LONDON
Source: Flight International
