Cohort is the parent company of seven innovative, agile and responsive businesses providing a wide range of services and products for British and international customers in defence, security and related markets. Its objective is to deliver value to shareholders through the operating subsidiaries: Chess, EID, ELAC SONAR, MASS, MCL, SEA and EMS.

27 May 2026

FY update: ahead of estimates plus record order book

In a Trading Update for the year to 30 April 2026, Cohort reports revenue of £303m, +12%YoY, and (adj.) operating profit of c.£36.0m, 11.9% margin, ahead of market expectations. Order intake was strong, at £313m compared to £284m in FY25, whilst the order book underpins c.£253m (c.80%) of FY27 market consensus revenue outlook.

The closing order book posted a new record of £620m (FY25: £615m). Order intake, up 10%YoY, was particularly strong at EID, MASS and EM Solutions (C&I division), and at Chess and SEA (S&E). The on-order revenue horizon extends into the mid-2030s.

Revenue in the Communications & Intelligence division was £159m, (+27%YoY, FY25: £125.4m) with an operating margin of c.20% (FY25: 16.8%). In the Sensors & Effectors division revenue was £144m, (-1%YoY, FY25: £147.1m), with an operating margin of c.7.0%

Inclusive of this extremely encouraging update we retain our outlook: FY26 results due on 15th July will provide a detailed opportunity to further review. Our Fair Value remains 1,930p/share.

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