Finally, it’s take-off for Cobham profit

SHARES in technology and defence giant Cobham leapt as the troubled firm returned to profit one year into a turnaround plan.

The air-to-air refuelling pioneer reported profit of £104.1m, compared to a £779m loss last year, with debt down 62pc from more than £1bn to £383m.

Shares climbed 10.1pc, or 11.4p, to 124.85p. It was the first full-year results following a £500m rights issue last year. It axed its dividend and issued three profit warnings during 2016.

Cobham has been struggling due to an overpriced acquisition of US firm Aeroflex in 2014 and problems with its work on the KC-46 tanker programme for the US army.