March 7, 2019 / 7:15 AM / in 14 days

British engineer Cobham intends to reinstate dividend

LONDON, March 7 (Reuters) - British engineer Cobham said it planned to reinstate a progressive dividend after it strengthened its balance sheet and forecast more progress in 2019.

Cobham, Britain’s third-biggest defence and aerospace group behind Rolls-Royce and BAE Systems, said it had seen progress across the group, apart from in the Advanced Electronic Solutions unit.

It reported underlying operating profit of 196 million pounds ($258.1 million) in 2018, down from 213 million pounds the year before. With 10.3 million pounds of net cash at the year end, it expects to pay a full-year dividend of 1.0 pence. ($1 = 0.7594 pounds) (Reporting by Kate Holton, editing by James Davey)

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