Cobham shares dip over US delays

Cobham spooked investors last night after warning that US contract delays would weigh on full-year sales, casting a cloud over growth prospects for the remainder of this year.

The defence group saw its shares slump nearly 10 per cent after saying that it had continued "to experience delays of certain US defence and security contracts". About 60 per cent of the FTSE 100-listed company's revenues stem from the US, with 52 per cent springing from the US defence and security market.

The stock closed 22.3p down at 211.5p as investors digested news that, aided by the fruits of the first phase of its cost cutting drive, Cobham would only make limited underlying progress this year.