In today’s AGM statement, Cohort noted the strength of record FY25 performance and expectations for growth in FY26 remaining, with the usual seasonal H2 weighting. Following contract wins since the start of FY2026 of over £60m, the order book on 20 September 2025 stood at over £590m, giving revenue cover of consensus FY26 estimated revenue of nearly 90%.
Q1 saw a strong contribution from EM Solutions that was offset by reduced activity at MCL, the latter having enjoyed notably strong levels last year. There was also a weaker mix at both ELAC and SEA (which includes the sale of the latter’s transport business in May 2025).
The combination of planned capital expenditure, including the completion of ELAC SONAR’s new facility in Kiel and the unwinding of the strong year-end working capital position, primarily customer advances, indicates net debt of c. £30m at the half year. Yet the Group expects to close FY2026 with net funds “in the range of £10m to £15m as previously reported”.
Cohort also reported that: “Geopolitical tensions are driving increased investment in defence’’ and that it remains “optimistic for prospects for further significant new orders.’’ We are pleased to maintain our fair value at 1930p/share.
