Aerospace and defence company Cobham has announced that its trading performance for the first quarter of 2017 is in line with the Board of Directors' expectations.

The overall expectations for the year remain unchanged, the company said.

Cobham expects to raise about £512.4m ($660m) from issuance of underwritten rights in order to strengthen its balance sheet. The results of the rights issue and commencement of trading in the fully paid new ordinary shares will be announced on May 5 2017.

According to the statement released by the company, it is currently in the conceptual phase of "enhancing operational and financial discipline, prioritising control and execution, customer focus, leadership and simplification."

The company is also in process of reviewing the "breadth and shape" of its portfolio.

Cobham was placed under investigation for insider trading allegations during the firm's 2016 fundraising.

Over the past couple of months, the Wimbore Minster-based firm has also reviewed its bid process for US aerospace and defence contracts as a restructuring attempt. The bid review was undertaken as a cost cutting measure. Restructuring plans had commenced after the firm received 5 profit warnings in 18 months.