The Cohort Group comprises six military, electronics and intelligence development operations spread across the UK, Germany, and Portugal. The six are: Chess offering electro-optical tracking and surveillance systems for naval and land defence and security customers; EID designs and makes advanced communications systems for naval and land defence customers; ELAC SONAR supplies advanced sonar systems and underwater communications to global customers in the naval marketplace; MASS provides advanced digital services serving the defence and security markets MCL designs, sources and supports advanced electronic and surveillance technology for the UK MOD and other government agencies; SEA delivers and supports technology-based products for the defence and transport markets alongside specialist research and training services.

26 Sep 2023

AGM update on growing momentum in orders

In a statement to accompany today’s AGM, Cohort PLC reported that, following a year of record earnings in FY23, the Group has continued to build its order book, adding a further £90m in contract wins since the start of FY24. Consequently, as of 22 September the order book had risen to £370m, representing revenue cover of 93%.

Compared to a year-end FY23 net cash position of £15.6m, net funds at the end of August were £15.2m, providing sufficient cash in conjunction with banking facilities to both meet commitments and support a potential acquisition strategy.

The Group reports that the increased level of activity with the UK MOD which characterised FY23 has continued, with strong momentum into the first quarter of FY24, backed by prospects for long-term orders for naval systems in particular and for support work for both the UK MOD and export markets.

This update confirms that the Group has maintained momentum in new contract wins, and has built the financial flexibility to both furnish growth and consider opportunities to augment its portfolio of acquired, and integrated, defence specialists.

Our positive outlook remains unchanged, as does our Fair Value at 650p/share.

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