LONDON Feb 16 British engineering group Cobham
said it would take a 150 million pound ($187 million)
charge on its work on Boeing's troubled KC-46 tanker
program and downgraded its likely 2016 trading profit again.
The company said on Thursday its trading profit for 2016 was
expected to be 225 million pounds, after deducting 20 million
pounds of year-end adjustments from the forecast given last
Chairman Mike Wareing said: "Whilst the charge to finish the
development phase is hugely disappointing, it is essential and
does bound all historic liabilities, as well as appropriately
funding the remaining work."
Cobham said "undoubted" uncertainties in the market meant
its ability to forecast its performance was not as strong as it
should be, and it was difficult to predict the year ahead. The
board added that delivery of a similar performance to that of
2016 in 2017 "may be challenging".
($1 = 0.8019 pounds)
(Reporting by Paul Sandle; editing by Kate Holton)