Military plugs the gap for Cobham

SUPPLYING the equipment being used to refuel the giant B-52 bombers pounding Taliban positions in Afghanistan has offset the effects on Cobham of the global slowdown in civil aviation business.

Military orders have ensured that the group has a record order book of £1.3bn. With 20% of its turnover in civil aviation, chairman Graham Page warned that an upturn in the commercial aerospace industry is not likely to occur before 2004. The group is concentrating on new orders for parts for the US joint strike fighter and for the innovative Rolls-Royce Trent 900 engine.

Cobham is also involved in a study by Boeing into a sonic cruiser aircraft, but it is military orders that are currently booming and Page described the group's prospects for 2002 as 'excellent'. The commercial aviation division is still providing original equipment for newer aircraft such as the Airbus and Gulfstream. Getting orders for replacement parts for older civil aircraft has been the main problem for the division.

Group turnover was up by 27% to £721.8m in the year to December. Pre-tax profits before integration costs and goodwill rose by 14.7% to £103.5m. The total dividend is increased by 15% to 23.23p.