REG - Cohort PLC - Full Year Trading Update

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RNS Number : 7634F  Cohort PLC  27 May 2026

 One Waterside Drive

 Arlington Business Park

 Reading

 Berks

 RG7 4SW

 27 May 2026

 

COHORT PLC

("Cohort" or "the Group")

 

Full Year Trading Update

 

Revenue and adjusted operating profit ahead of expectations

 

Cohort, the independent technology Group, today provides a trading update for
its financial year ended 30 April 2026.

 

Summary

·      Revenue of £303m and adjusted operating profit of c.£36m, both
subject to audit, ahead of market expectations.

·      Strong order intake of around £313m (2025: £284m), once again
exceeding in-year revenue.

·      Closing order book at a new record of c.£620m (30 April 2025:
£615m).

·      The order book underpins c.£253m of current market revenue
expectations for the new financial year (30 April 2025: £230m) or c.80%
cover.

·      Closing net funds of £2.9m, (2025: £5.3m); new five-year bank
facility of £175m in place.

 

FY26 year-end update

 

Cohort achieved 12% revenue growth and a net margin of 11.9% (2025: 10.2%).
Both revenue and adjusted operating profit were ahead of market expectations.

 

The Group's Communications and Intelligence division saw growth in revenue to
£159m (2025: £125.4m) and delivered a net margin of around 20% (2025:
16.8%). This result included a full year contribution from EM Solutions and
was the driver of the Group's improved performance. The Sensors and Effectors
division reported relatively flat revenue of £144m (2025: £147.1m) with a
net margin of around 7% (2025: 8.6%). The lower net margin reflected continued
prudent trading on ELAC's Italian sonar contract and the sale of SEA's high
margin transport business in June 2025.  All three businesses in the Sensors
and Effectors division delivered positive trading profit in the year, but the
low net margin remains below our mid-term target.

 

Cohort ended the year with net funds of around £2.9m, reflecting a strong
cash performance in H2, a significant turnaround from the £32.5m net debt
position at the H1 reporting point. This was slightly below our expectations
due to some significant receipts slipping into the first quarter of 2026/27
financial year with over £6m being received in early May.

 

Order intake was c.10% higher than last year, with particularly good
performances from EID, MASS and EM Solutions, within Communications and
Intelligence, and at Chess and SEA in Sensors and Effectors. Total order
intake again exceeded revenue for the year (2025: 1.1x) following a number of
important wins during the year, including the award of a €42.3m contract to
EID to deliver Integrated Communication Systems to the Portuguese Navy. As a
result, the closing order book was around £620m, a record high, with on-order
revenue extending out to the mid-2030's.

 

 

Notice of FY26 results

 

These are expected to be released on 15 July 2026.

 

Andrew Thomis, Chief Executive of Cohort, said:

 

"Cohort performed strongly in 2025/26, exceeding market expectations.
Following another year of strong order intake, our closing order book has
reached a new record level, and we have encouraging prospects for further
orders.

 

"I'm particularly pleased with the strong maiden full year contribution from
EM Solutions. The business has made good progress in capturing opportunities
for growth and collaboration with other Cohort subsidiaries.

 

"Our strong balance sheet and liquidity provides a robust platform from which
to continue to invest in the business while considering further targeted
acquisitions.

 

"The high level of order cover provides confidence in a strong 2026/27
financial year."

 

Market expectations

 

The consensus market expectations for the full year ended 30 April 2026 were
£34.7m of adjusted operating profit on £293.9m of revenue, and adjusted
earnings per share of 58.9 pence.

 

 

 

ENDS

 

For further information please contact:

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

 Raquel McGrath, Company Secretary

 Kellie Young, Group Head of Investor Communications and Events

 Investec Bank Plc (Financial Adviser, Nominated Adviser, and Corporate Broker)  020 7597 5970
 Carlton Nelson, Christopher Baird, Charlotte Young

 MHP                                                                             07817 458804
 Reg Hoare, Ollie Hoare, Hugo Harris                                             cohort@mhpgroup.com (mailto:cohort@mhpgroup.com)

 

 

NOTES TO EDITORS

 

Cohort plc (www.cohortplc.com
(https://protect.checkpoint.com/v2/___http:/www.cohortplc.com/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyMTc3NDU5NzEyMzY4MjYwNWYzZjRmYjJiNDMxZDI2Yzo2OmZkM2U6Yjk2NDk3YzhlNGE4ZWY4MzRjY2U0MTkyZWMyZjdiMjU3YzlhOTBkOTVmNGFlNDUxZmM5ZGE0NjNkNWJhNjFhZTpwOkY6Tg)
) is the parent company of seven innovative, agile and responsive businesses
based in the UK, Australia, 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 1,600 core staff there and at its other operating company sites across
the UK, Australia 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)

 

·      EM Solutions designs, assembles, tests, and supports satellite
communications on-the-move terminals for defence and government customers. It
also provides high-end broadband radio transceivers and other RF Subsystems
such as low noise receivers and solid-state high-power transmitters for
defence and commercial customers. Acquired by Cohort in January 2025.
www.emsolutions.com.au (http://www.emsolutions.com.au)

 

·      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
(https://protect.checkpoint.com/v2/___http:/www.mass.co.uk/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyMTc3NDU5NzEyMzY4MjYwNWYzZjRmYjJiNDMxZDI2Yzo2OmMxYzc6NDBjMTYyYjVkODZlZTQxZmYyNTViMWU4MWRmNGRiOTc2ZjRmYjRmNGI5ZmZkY2QzMjExNTZiZTJhNjE4YTFhYjpwOkY6Tg)

 

·      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
(https://protect.checkpoint.com/v2/___http:/www.marlboroughcomms.com/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyMTc3NDU5NzEyMzY4MjYwNWYzZjRmYjJiNDMxZDI2Yzo2OjExN2E6ZDBlNTU0OTkxZTViMjRkMzhjYWEwOGFhMTAzOWRjMmU5ZTMxMjdjMTQ1NjhlZjAzNGU2YTkzZTc1ZmY3MDNlNDpwOkY6Tg)

 

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
(https://protect.checkpoint.com/v2/___http:/www.chess-dynamics.com/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyMTc3NDU5NzEyMzY4MjYwNWYzZjRmYjJiNDMxZDI2Yzo2OmNmYjg6ZTQ3NGI5ZTkyNGE0MjgyYzMzNWIzNjA4ZjQwMGI5ZDQxNDk3YmRlZmQwMzM1NDIwMzU5N2ExMWFkZWRiNzMyMTpwOkY6Tg)

 

·      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
(https://protect.checkpoint.com/v2/___http:/www.elac-sonar.de/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyMTc3NDU5NzEyMzY4MjYwNWYzZjRmYjJiNDMxZDI2Yzo2Ojg2ZDY6NTI0OGI5ODJhZGE1M2E5OTIyZDk5M2Q3ZTllZDRiNGNjNDhhMGQ1OTg0MTkzYzc2MDVhYzRiMWVjMGUwYTdiNTpwOkY6Tg)
 

 

·      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
(https://protect.checkpoint.com/v2/___http:/www.sea.co.uk/___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyMTc3NDU5NzEyMzY4MjYwNWYzZjRmYjJiNDMxZDI2Yzo2OmFjNjE6ZWMyM2MwYWMzMDg4ODlmOWE5ODk0ZjkzMzU1NjBkM2E0MjcwNDU2Mjg0MzVkZGQxZDJkZTJkNDM4NDk4NDhhNjpwOkY6Tg)

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