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.

27 Sep 2022

Confident AGM statement and Q1 update

Cohort PLC has reported that it continues to expect performance for the year to 30 April 2023 to be ahead of the previous year. It noted order wins since the start of the financial year of over £70m and a resulting order book, as of 20 September, of over £300m, indicative of c.95% cover of consensus FY23 revenue outlook. Encouragingly, order book longevity continues to increase.

As previously noted, the FY22 year-end order book closed at record at £291m, underpinning £128m or 78% of market FY23 revenue outlook. New orders post 1^st May, including the £34m contract win for SEA (7 September), mean that the current order book stands at over £300m.

The most recent events in the war in Ukraine serve as a reminder of the renewed emphasis on defence preparedness across NATO and in the UK. Cohort reports increased levels of activity from the UK MOD, highlighting MCL – specialist in electronic communications and information systems – where strong performance in FY23 is expected

The expanded order book Cohort reports, backed by order longevity, underpins our April 2023 estimates, which remain unchanged at revenue growth of 16.5%YoY to £160.5m and EBITDA growth of 13.5%YoY to £22.0m. Consequently we reiterate our Fair Value of 650p/share.

Download as a PDF file

Return to Cohort

Register to be first

Get research on the companies that interest you straight to your inbox

Equity Development is a partner to successful companies looking to enhance their investor relations. Our top-rated analysts produce best in class investment research. Based in London, UK, we help our clients connect with investors via presentations and interviews.

Equity Development Limited 2nd Floor, Park House, 16-18 Finsbury Circus, London, EC2M 7EB

Website design & development by Breckenridge