Updates from Cobham, Soco and Anite
The Dow Jones finished Friday 65 points up at 14,397. Asian markets overnight held onto last week's optimism with the Nikkei up +0.53% at 12,349.
A subdued day for company numbers. Defence player Cobham says it has been awarded a £16m order to supply NATO forces with vehicle mounted Improvised Explosive Device (IED) detection equipment. These systems will be delivered in 2013 by Cobham Antenna Systems in the UK.
Cobham recently saw a -6% fall in revenue and a -12% dip in pre-tax profits; pre-tax profits slipped from £234m to £206m.
Cobham's chief exec recently indicated he thought the company's commercial operations should see a surge in growth next year following concern around US military spending. Last year the company bought Danish satellite equipment player Thrane & Thrane.
Next, oil and gas exploration player Soco has announced preliminary numbers up to 31 December 2012. There's record revenue of $621.6 million (2011: $234.1 million), a rise of 166%. Soco also claims a 134% increase in after-tax profits from continuing operations to $207.0 million (2011: $88.6 million).
Additional production brought on line at the Te Giac Trang (TGT) field is on budget, it says, and ahead of schedule (first time in Vietnam sector history, the company claims), a full year ahead of Field Development Plan.
"With the TGT field's average gross production now over 50,000 BOEPD, the record revenues, cash flow and profitability speak for themselves," says chief exec Ed Story. "Moreover, higher rates of production over continued sustained periods support our earlier views of the size of this major oilfield."
Lastly, a downbeat interim report from software player Anite. Trading in the quarter ended 31 January 2013 is described as "relatively quiet". This contrasts with an unusually strong Q3 last year, says the company, driven by high demand from Handset Testing investing in initial 4G LTE systems.
Group revenue and adjusted profit before tax for the nine months to 31 January 2013 are broadly in line of expectations and ahead of the comparative period last year, despite the adverse currency translation impact which affected Network Testing in the first half of the year says Anite.
"The fundamental growth drivers of our businesses are developing positively, despite economic headwinds," says chief exec Christopher Humphrey. "Looking ahead, we remain encouraged by the Group's prospects for sustainable growth."