TIDMCHRT
RNS Number : 5837N
Cohort PLC
26 September 2023
One Waterside Drive
Arlington Business Park
Reading
Berks
RG7 4SW
26 September 2023
COHORT PLC
("Cohort" or "the Group")
AGM STATEMENT & FIRST QUARTER UPDATE
Cohort, the AIM listed independent technology group, is today
holding its Annual General Meeting (AGM) and accordingly issues the
following announcement:
AGM Statement and first quarter update
Cohort achieved record financial results in the year ended 30
April 2023, with strong performances in revenue and adjusted
operating profit that exceeded market expectations. We finished the
year with a robust cash position and a record closing order book of
GBP329.1m stretching out to 2032, with strong revenue cover for the
current financial year.
Following contract wins since the start of the financial year of
over GBP90m, the order book on 22 September 2023 stood at GBP370m,
representing consensus revenue cover for the current financial year
of 93%.
Cohort continues to have a strong financial position, with net
funds at the end of August 2023 standing at GBP15.2m, compared to
GBP15.6m at the 2023 financial year end. The Group retains
significant cash and banking facilities to fund its currently
anticipated commitments and, potentially, to finance future
acquisitions.
Following an increased level of activity with the UK MOD last
year, strong momentum has continued in the first quarter, with good
prospects to secure further long-term orders for our naval systems
and support work both from the UK MOD and in export markets. One
demonstration of this was the GBP17.5m contract award to SEA
(announced 23 August 2023) by a UK customer to provide an External
Communications System for a major defence programme.
As a result of planned capital expenditure and expansion in
working capital, we anticipate our net cash balance will decrease,
but that we will maintain positive net funds at the year end.
Overall, we have had an encouraging start to the 2023/24 financial
year and our expectations for the full year remain unchanged.
ENDS
For further information please contact:
Cohort plc 0118 909 0390
Andy Thomis, Chief Executive
Simon Walther, Finance Director
Emily McBride, Group Head of Marketing
and Corporate Communications
Raquel McGrath, Company Secretary
Investec Bank Plc (NOMAD and
Broker) 020 7597 5970
Carlton Nelson, Christopher Baird
MHP 020 3128 8276
Reg Hoare, Ollie Hoare, Hugo Harris cohort@mhpgroup.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.
Cohort (AIM: CHRT) was admitted to London's Alternative
Investment Market in March 2006. It has headquarters in Reading,
Berkshire and employs in total over 1,100 core staff there and at
its other operating company sites across the UK, Germany, and
Portugal.
The group is split into two segments - Communications and
Intelligence, and Sensors and Effectors:
Communications and Intelligence
-- EID designs and manufactures advanced communications systems
for naval and military customers. Cohort
acquired a majority stake in June 2016. www.eid.pt
-- 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
Sensors and Effectors
-- Chess Dynamics offers surveillance, tracking and fire-control
systems to the defence and security markets. Chess has been part of
the Group since December 2018. www.chess-dynamics.com
-- 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
-- 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
.
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END
AGMBLGDCSDDDGXU
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