- Cobham said group trading profit in the unaudited draft management accounts for the year ended 31 December was £245m, below the range of £255m to £275m set out in the update of 24 October.

The detailed year end close and audit was ongoing but is not expected to result in an increased trading profit.

The new management team is commencing a thorough closing balance sheet review, including major contracts and asset carrying values.

The trading profit disclosed above is before any adjustments that may arise from this review and, in particular, there is significant uncertainty surrounding the outcome of the KC-46 tanker programme.

Cobham remains in discussions with its customer on the commercial terms for the complex conformity and qualification phases of this contract, which are taking place concurrently with the early phase of production.

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