REG - Cohort PLC - AGM Statement & First Quarter Update

CohortAnnouncement

26/09/2023 07:00

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RNS Number : 5837N  Cohort PLC  26 September 2023

 One Waterside Drive

 Arlington Business Park

 Reading

 Berks

 RG7 4SW

 26 September 2023

 

COHORT PLC

("Cohort" or "the Group")

 

AGM STATEMENT & FIRST QUARTER UPDATE

 

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

 

AGM Statement and first quarter update

 

Cohort achieved record financial results in the year ended 30 April 2023, with
strong performances in revenue and adjusted operating profit that exceeded
market expectations. We finished the year with a robust cash position and a
record closing order book of £329.1m stretching out to 2032, with strong
revenue cover for the current financial year.

 

Following contract wins since the start of the financial year of over £90m,
the order book on 22 September 2023 stood at £370m, representing consensus
revenue cover for the current financial year of 93%.

 

Cohort continues to have a strong financial position, with net funds at the
end of August 2023 standing at £15.2m, compared to £15.6m at the 2023
financial year end. The Group retains significant cash and banking facilities
to fund its currently anticipated commitments and, potentially, to finance
future acquisitions.

 

Following an increased level of activity with the UK MOD last year, strong
momentum has continued in the first quarter, with good prospects to secure
further long-term orders for our naval systems and support work both from the
UK MOD and in export markets. One demonstration of this was the £17.5m
contract award to SEA (announced 23 August 2023) by a UK customer to provide
an External Communications System for a major defence programme.

 

As a result of planned capital expenditure and expansion in working capital,
we anticipate our net cash balance will decrease, but that we will maintain
positive net funds at the year end. Overall, we have had an encouraging start
to the 2023/24 financial year and our expectations for the full year remain
unchanged.

 

 

 

ENDS

 

For further information please contact:

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

 Emily McBride, Group Head of Marketing and Corporate Communications

 Raquel McGrath, Company Secretary

 Investec Bank Plc (NOMAD and Broker)  020 7597 5970
 Carlton Nelson, Christopher Baird

 MHP                                   020 3128 8276
 Reg Hoare, Ollie Hoare, Hugo Harris   cohort@mhpgroup.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.

 

Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in
March 2006. It has headquarters in Reading, Berkshire and employs in total
over 1,100 core staff there and at its other operating company sites across
the UK, Germany, and Portugal.

 

The group is split into two segments - Communications and Intelligence, and
Sensors and Effectors:

 

Communications and Intelligence

 

·      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/)

 

·      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/)

 

Sensors and Effectors

 

·      Chess Dynamics offers surveillance, tracking and fire-control
systems to the defence and security markets. Chess has been part of the Group
since December 2018. www.chess-dynamics.com (http://www.chess-dynamics.com/)

 

·      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/)

 

·      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/)

 

 

 

.

 

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