Shares in one of Britain's biggest aerospace firms are down 20% after it issued a 5th profit warning in 2 years

LONDON — Shares in aerospace firm Cobham have plummetted more than 20% on Thursday morning after the company announced its fifth profit warning in less than two years.

Cobham dropped the warning, where it said that it expects profits this year to be £20 million less than forecast just over a month ago, at around 7.20 a.m. GMT (2.20 a.m. ET).

“Group underlying trading profit is expected to be £225m.  This includes £20m of year end adjustments, which have been deducted from the draft management accounts trading profit of £245m, as announced in the 11 January 2017 post-close trading update,” Cobham’s release said.

CEO David Lockwood added that 2016 was a “turbulent and disappointing year.”

Investors in the firm took the news badly, as might have been expected, and at the open shares fell off a cliff, dropping 21% to their lowest level in 12 years, £1.093 per share.

Here is the pretty striking chart as of around 9.10 a.m. GMT:

The pattern of Cobham, which is listed on the FTSE 250, issuing a profit warning and then seeing its shares plummet is nothing new. A similar incident occurred in January when the firm released its previous profit warning.

Cobham had revenues of around £2.1 billion last year, and specialises in mid-air refuelling and other aviation related technologies.

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