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.

24 Sept 2026

FY27 momentum maintained after a record year

In a statement to accompany today’s AGM, Cohort reports that trading in the year to date has been consistent with the Board’s expectations; the FY27 outlook remains unchanged, with the customary H2 earnings weighting.

This builds on the ‘robust platform’ of record year in FY26 for revenue (£306m) and adjusted operating profit (£36.3m), with a record closing order book of £618.8m.

The Group reports a mid-September order book of c.£700m which underpins “nearly 90% of current market consensus revenue expectations for FY2027” and continues “to see good prospects for further order intake”.

Growth momentum also supports the goal of a 'mid-teens' adjusted operating margin. For FY28 we estimate 13.2%.

Backed by a strong FY26 and maintained momentum in FY27, we reiterate our 2,150p Fair Value.

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