REG - Cohort PLC - AGM Statement and First Quarter Update

CohortAnnouncement

27/09/2022 07:00

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RNS Number : 7049A  Cohort PLC  27 September 2022

 One Waterside Drive

 Arlington Business Park

 Reading

 Berks

 RG7 4SW

 27 September 2022

 

COHORT PLC

("Cohort" or "the Group")

 

AGM STATEMENT & FIRST QUARTER UPDATE

 

Maritime Capability Investor Presentation

 

Cohort, the AIM listed technology group, is today holding its Annual General
Meeting (AGM) and accordingly issues the following announcement:

 

AGM Statement and first quarter update

 

Cohort's performance last year was in line with our revised expectations at
the time of the half year results in December 2021, with robust cash
generation, and a record closing order book with strong cover for the current
financial year commencing 1 May 2022. The order book not only grew in value,
but its longevity continued to increase with orders across the Group
stretching out to 2030.

 

The Group's record order book of £291.0m at 30 April 2022 underpins nearly
£128m of the current financial year revenue, representing 78% (2021: 64%) of
current consensus forecast for the year. Following order wins since 1 May 2022
of over £70m, including a £34m contract win for SEA (announced 7 September
2022), the order book on 20 September 2022 stood at over £300m  with revenue
cover of current consensus forecast for the year of 95%.

 

Cohort maintains its sound finances: net funds at 23 September 2022 stood at
£7.2m, compared to net funds of £11.0m at 30 April 2022 reflecting the
timing of working capital flows.  The Group's cash and readily available
credit was over £40m at 23 September 2022 providing significant financing
headroom beyond our currently anticipated commitments.

 

We have continued to see a higher level of activity from the UK MOD,
particularly at MCL which we expect to exceed last year's performance
significantly. As we indicated at the time of the Group's preliminary results
announcement on 28 July 2022, we are seeing some impact from supply chain
delays and price increases, and this has been most noticeable at EID, which
has also continued to experience order delays. We now expect EID's performance
to be weaker than we saw in 2021/22.

 

Overall, we continue to expect that our trading performance for 2022/23 will
be ahead of that achieved for the year ended 30 April 2022. We also remain
optimistic that the Group will make further progress in 2023/24, based on
current orders for long-term delivery and on our pipeline of opportunities.

 

Maritime Capability Investor Presentation

 

The Group is hosting an investor presentation highlighting the Group's
maritime capability later today, featuring an overview of the global maritime
defence marketplace and drivers, and detailing the capabilities and current
market focus of Cohort's leading maritime specialist subsidiaries, SEA
(Systems Engineering & Assessment Ltd) and ELAC Sonar GmbH.  No new
material information will be disclosed during the event.

 

A recording of the presentations will be made available on the Company's
website (https://www.cohortplc.com/investors/results-reports-presentations
(https://www.cohortplc.com/investors/results-reports-presentations) ) after
the event.

 

 

 

ENDS

 

For further information please contact:

 Cohort plc                            0118 909 0390
 Andy Thomis, Chief Executive
 Simon Walther, Finance Director

 Raquel McGrath, Company Secretary

 Investec Bank Plc (NOMAD and Broker)  020 7597 5970
 Daniel Adams, Christopher Baird

 MHP Communications                    020 3128 8276
 Reg Hoare, Ollie Hoare, Pete Lambie   cohort@mhpc.com

 

 

NOTES TO EDITORS

 

Cohort plc (www.cohortplc.com (http://www.cohortplc.com/) ) is the parent
company of six innovative, agile and responsive businesses based in the UK,
Germany and Portugal, providing a wide range of services and products for
domestic and export customers in defence and related markets.

 

Chess offers surveillance, tracking and fire-control systems to the defence
and security markets. A majority stake was acquired by Cohort plc in December
2018. www.chess-dynamics.com (http://www.chess-dynamics.com)

 

EID designs and manufactures advanced communications systems for naval and
military customers. Cohort acquired a majority stake in June
2016.  www.eid.pt (http://www.eid.pt/)

 

ELAC SONAR supplies advanced sonar systems and underwater communications to
global customers in the naval marketplace.  Acquired by Cohort in December
2020.  www.elac-sonar.de (http://www.elac-sonar.de/)

 

MASS is a specialist data technology company serving the defence and security
markets, focused on electronic warfare, digital services and training support.
 Acquired by Cohort in August 2006. www.mass.co.uk (http://www.mass.co.uk/)

 

MCL designs, sources and supports advanced electronic and surveillance
technology for UK end users including the MOD and other government agencies.
MCL has been part of the Group since July 2014. www.marlboroughcomms.com
(http://www.marlboroughcomms.com/)

 

SEA delivers and supports technology-based products for the defence and
transport markets alongside specialist research and training
services. Acquired by Cohort in October 2007. www.sea.co.uk
(http://www.sea.co.uk/)

 

Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in
March 2006. It has headquarters in Reading, Berkshire and employs in total
around 1,000 core staff there and at its main operating company sites across
the UK, Germany and Portugal.

 

 

 

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