11 Mar 2013 By Angela Monaghan, Industry Correspondent - telegraph.co.uk
Defence manufacturer Cobham has won a £16m contract to supply NATO forces with bomb detection equipment.
The contract to provide vehicle mounted Improvised Explosive Device (IED) will be delivered by Cobham Antenna Systems in the UK.
"Cobham will deliver enhanced Counter-IED detection capabilities, which can be safely deployed from within the protection of mine-resistant ambush-protected vehicles," said Fred Cahill, vice president of the business.
"These advanced systems are designed for the most demanding military requirements and complements existing technology which Cobham provides to protect lives and livelihoods."
The FTSE 250 company said last week it would be willing to take on up to £800m of debt to fund acquisitions in its commercial division in an attempt to offset the impact of US spending cuts, replicating a trend in many defence businesses as budgets shrink.
The company's commercial work currently accounts for 34pc of overall revenue, while the US defence business contributes around 40pc of revenue.
The company said India’s growing defence market was providing good opportunities.
Andrew Gollan, an analyst at Investec, said Cobham had "ground out a solid performance in challenging defence and security markets".
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