TIDMCHRT
RNS Number : 7049A
Cohort PLC
27 September 2022
One Waterside Drive
Arlington Business Park
Reading
Berks
RG7 4SW
27 September 2022
COHORT PLC
("Cohort" or "the Group")
AGM STATEMENT & FIRST QUARTER UPDATE
Maritime Capability Investor Presentation
Cohort, the AIM listed technology group, is today holding its
Annual General Meeting (AGM) and accordingly issues the following
announcement:
AGM Statement and first quarter update
Cohort's performance last year was in line with our revised
expectations at the time of the half year results in December 2021,
with robust cash generation, and a record closing order book with
strong cover for the current financial year commencing 1 May 2022.
The order book not only grew in value, but its longevity continued
to increase with orders across the Group stretching out to
2030.
The Group's record order book of GBP291.0m at 30 April 2022
underpins nearly GBP128m of the current financial year revenue,
representing 78% (2021: 64%) of current consensus forecast for the
year. Following order wins since 1 May 2022 of over GBP70m,
including a GBP34m contract win for SEA (announced 7 September
2022), the order book on 20 September 2022 stood at over GBP300m
with revenue cover of current consensus forecast for the year of
95%.
Cohort maintains its sound finances: net funds at 23 September
2022 stood at GBP7.2m, compared to net funds of GBP11.0m at 30
April 2022 reflecting the timing of working capital flows. The
Group's cash and readily available credit was over GBP40m at 23
September 2022 providing significant financing headroom beyond our
currently anticipated commitments.
We have continued to see a higher level of activity from the UK
MOD, particularly at MCL which we expect to exceed last year's
performance significantly. As we indicated at the time of the
Group's preliminary results announcement on 28 July 2022, we are
seeing some impact from supply chain delays and price increases,
and this has been most noticeable at EID, which has also continued
to experience order delays. We now expect EID's performance to be
weaker than we saw in 2021/22.
Overall, we continue to expect that our trading performance for
2022/23 will be ahead of that achieved for the year ended 30 April
2022. We also remain optimistic that the Group will make further
progress in 2023/24, based on current orders for long-term delivery
and on our pipeline of opportunities.
Maritime Capability Investor Presentation
The Group is hosting an investor presentation highlighting the
Group's maritime capability later today, featuring an overview of
the global maritime defence marketplace and drivers, and detailing
the capabilities and current market focus of Cohort's leading
maritime specialist subsidiaries, SEA (Systems Engineering &
Assessment Ltd) and ELAC Sonar GmbH. No new material information
will be disclosed during the event.
A recording of the presentations will be made available on the
Company's website (
https://www.cohortplc.com/investors/results-reports-presentations )
after the event.
ENDS
For further information please contact:
Cohort plc 0118 909 0390
Andy Thomis, Chief Executive
Simon Walther, Finance Director
Raquel McGrath, Company Secretary
Investec Bank Plc (NOMAD and
Broker) 020 7597 5970
Daniel Adams, Christopher Baird
MHP Communications 020 3128 8276
Reg Hoare, Ollie Hoare, Pete Lambie cohort@mhpc.com
NOTES TO EDITORS
Cohort plc ( www.cohortplc.com ) is the parent company of six
innovative, agile and responsive businesses based in the UK,
Germany and Portugal, providing a wide range of services and
products for domestic and export customers in defence and related
markets.
Chess offers surveillance, tracking and fire-control systems to
the defence and security markets. A majority stake was acquired by
Cohort plc in December 2018. www.chess-dynamics.com
EID designs and manufactures advanced communications systems for
naval and military customers. Cohort acquired a
majority stake in June 2016. www.eid.pt
ELAC SONAR supplies advanced sonar systems and underwater
communications to global customers in the naval
marketplace. Acquired by Cohort in December 2020. www.elac-sonar.de
MASS is a specialist data technology company serving the defence
and security markets, focused on electronic warfare, digital
services and training support. Acquired by Cohort in August 2006.
www.mass.co.uk
MCL designs, sources and supports advanced electronic and
surveillance technology for UK end users including the MOD and
other government agencies. MCL has been part of the Group since
July 2014. www.marlboroughcomms.com
SEA delivers and supports technology-based products for the
defence and transport markets alongside specialist research and
training services. Acquired by Cohort in October 2007.
www.sea.co.uk
Cohort (AIM: CHRT) was admitted to London's Alternative
Investment Market in March 2006. It has headquarters in Reading,
Berkshire and employs in total around 1,000 core staff there and at
its main operating company sites across the UK, Germany and
Portugal.
.
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END
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