Cohort

CHRT · AIM · Industrial Goods and Services · mcap £556m · 1240.0p

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Financials · balance sheet 30 Apr 26 · last twelve months · today’s market value

Source: results 15 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £585.3m
Owner’s net cash: −£0.6m
Net cash / market cap: -0%
EV ex leases: £587.8m
Revenue: £306.4m
Operating profit: £34.6m
Free cash flow after leases: −£8.9m
EV / EBIT: 17.0×
FCF yield: -1.5%
Price / tangible book: 9.85×
ROCE: 13%
Net income (owners): £23.9m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Apr 26 (twelve months to 30 Apr 26), published 15 Jul 26 · read the results ↗

Source ↗

	2026 £'000	2025 £'000
Revenue	306,387	270,043
Cost of sales	(202,044)	(179,618)
Gross profit	104,343	90,425
Administrative expenses	(69,697)	(64,323)
Operating profit	34,646	26,102
Comprising
Adjusted operating profit	36,291	27,475
Amortisation of other intangible assets (included in administrative expenses)	(5,868)	(3,032)
Research and development expenditure credits (RDEC) (included in cost of sales)	3,636	3,255
Credit on forward exchange contracts and loans (included in cost of sales)	42	138
Exceptional items (included in administrative expenses)
- Cost of acquisition of EM Solutions	-	(1,635)
- Cost of acquisition of ITS	-	(99)
- Gain on sale of SEA Transport	545	-
Total exceptional items (included in administrative expenses)	34,646	26,102
Finance income	455	1,125
Finance costs	(2,507)	(1,599)
Profit before tax	32,594	25,628
Income tax charge	(8,313)	(6,008)
Profit for the year	24,281	19,620
Attributable to
Equity shareholders of the parent	23,903	19,249
Non-controlling interests	378	371
Total attributable to	24,281	19,620
Notes Pence Pence
Earnings per share
Basic	52.23	45.07
Diluted	51.29	44.25
Adjusted earnings per share
Basic	61.93	54.44
Diluted	60.82	53.46
Dividends per share paid and proposed in respect of the year
Interim	5.80	5.25
Final	12.10	11.05
Total dividends per share paid and proposed in respect of the year	17.90	16.30

Source ↗

	Group 2026 £'000	Company 2025 £'000	2026 £'000	2025 £'000
Assets
Non-current assets
Goodwill	80,940	81,424	-	-
Other intangible assets	47,854	49,087	-	-
Right of use asset	9,027	9,688	924	284
Investment property	1,254	-	-	-
Property, plant and equipment	42,332	31,009	402	43
Investment in subsidiaries	-	-	127,882	129,466
Amounts due from subsidiaries	-	-	83,710	64,529
Deferred tax assets	5,218	5,153	783	907
Restricted cash	316	3,198	-	-
Total non-current assets	186,941	179,559	213,701	195,229
Current assets
Inventories	47,990	52,081	-	-
Trade and other receivables	129,854	89,110	1,249	1,460
Current tax assets	6,664	6,495	-	-
Derivative financial instruments	15	45	-	-
Cash and cash equivalents	49,581	74,646	-	-
Total current assets	234,104	222,377	1,249	1,460
Total assets	421,045	401,936	214,950	196,689
Liabilities
Current liabilities
Trade and other payables	(138,820)	(126,579)	(3,530)	(5,116)
Current tax liabilities	(6,746)	(3,708)	(1,414)	-
Derivative financial instruments	(224)	(190)	-	-
Lease liability	(2,142)	(2,313)	(157)	(118)
Bank borrowings	-	(36,986)	(25,761)	(30,714)
Provisions	(15,946)	(18,549)	-	-
Total current liabilities	(163,878)	(188,325)	(30,862)	(35,948)
Non-current liabilities
Deferred tax liabilities	(4,055)	(2,309)	-	-
Lease liability	(6,806)	(7,166)	(810)	(182)
Bank borrowings	(47,364)	(32,410)	(47,364)	(32,410)
Provisions	(7,884)	(8,445)	-	-
Retirement benefit obligations	(2,823)	(3,189)	-	-
Total non-current liabilities	(68,932)	(53,519)	(48,174)	(32,592)
Total liabilities	(232,810)	(241,844)	(79,036)	(68,540)
Net assets	188,235	160,092	135,914	128,149
Equity
Share capital	4,702	4,668	4,702	4,668
Share premium account	74,774	72,954	74,774	72,954
Own shares	(6,252)	(7,411)	(6,252)	(7,411)
Share option reserve	4,476	4,663	3,489	3,769
Retained earnings	108,717	83,732	59,201	54,169
Total equity attributable to the equity shareholders of the parent	186,417	158,606	135,914	128,149
Non-controlling interests	1,818	1,486	-	-
Total equity	188,235	160,092	135,914	128,149

Source ↗

	2026 £'000	2025 £'000
Group
Net cash inflow from operating activities	11,290	51,184
Cash flows from investing activities
Interest received	455	1,125
Purchases of property, plant and equipment	(17,624)	(13,182)
Receipt for disposal of transport business, net of cash acquired	5,892	-
Payment for acquisition of subsidiaries, net of cash acquired	-	(81,589)
Net cash used in investing activities	(11,277)	(93,646)
Cash flows from financing activities
Issue of new shares	1,854	2,058
Share placement net of associated transaction costs	-	39,246
Dividends paid	(7,703)	(6,476)
Purchase of own shares	-	(3,998)
Settlement of own shares	1,066	889
Drawdown of borrowings	14,608	16,780
Repayment of lease liabilities	(2,517)	(2,317)
Net cash from financing activities	7,308	46,182
Net increase in cash and cash equivalents	7,321	3,720
Represented by
Cash and cash equivalents brought forward	38,511	39,667
Net increase in cash and cash equivalents	7,321	3,720
Foreign exchange loss	3,749	(4,876)
Cash and cash equivalents carried forward	49,581	38,511

Source ↗

	Six months ended 31 October 2025 Unaudited £'000	Six months ended 31 October 2024 Unaudited £'000	Year ended 30 April 2025 Audited £'000
Revenue	128,816	118,238	270,043
Cost of sales	(86,907)	(79,986)	(179,618)
Gross profit	41,909	38,252	90,425
Administrative expenses	(33,927)	(29,436)	(64,323)
Operating profit	7,982	8,816	26,102
Operating profit comprises
Adjusted operating profit	9,680	10,111	27,475
Amortisation of other intangible assets (included in administrative expenses)	(2,568)	(996)	(3,032)
Credit/(charge) on marking forward exchange contracts to market value at the period end (included in cost of sales)	324	(100)	138
Acquisition related costs (included in administrative expenses)	-	(199)	(1,734)
Profit on disposal of Transport business from Sensors and Effectors (included in administrative expenses)	546	-	-
Research and development expenditure credits (RDEC) (included in cost of sales)	-	-	3,255
Operating profit	7,982	8,816	26,102
Finance income	219	318	1,125
Finance costs	(1,120)	(628)	(1,599)
Profit before tax	7,081	8,506	25,628
Income tax expense	(1,069)	(1,701)	(6,008)
Profit for the period	6,012	6,805	19,620
Attributable to
Equity shareholders of the parent	6,113	7,102	19,249
Non-controlling interests	(101)	(297)	371
Total attributable to	6,012	6,805	19,620
Earnings per share Pence Pence Pence
Basic	13.41	17.55	45.07
Diluted	13.14	17.34	44.25

Source ↗

	31 October 2025 Unaudited £'000	31 October 2024 Unaudited £'000	30 April 2025 Audited £'000
Assets
Non-current assets
Goodwill	79,129	51,513	76,600
Other intangible assets	48,359	3,725	49,087
Right of use asset	9,912	7,487	9,688
Property, plant, and equipment	39,402	24,285	31,009
Deferred tax asset	9,288	2,572	4,745
Restricted cash	4,167	-	3,198
Total non-current assets	190,257	89,582	174,327
Current assets
Inventories	56,612	39,271	52,081
Trade and other receivables	106,320	70,451	88,984
Current tax assets	7,540	3,263	6,495
Derivative financial instruments	56	103	45
Cash and cash equivalents	53,159	75,368	74,646
Total current assets	223,687	188,456	222,251
Total assets	413,944	278,038	396,578
Liabilities
Current liabilities
Trade and other payables	(111,739)	(98,977)	(126,579)
Current tax liabilities	(3,921)	(2,789)	(3,708)
Derivative financial instruments	(85)	(431)	(190)
Lease liabilities	(2,258)	(1,794)	(2,313)
Bank borrowings	(37,546)	(26,127)	(36,986)
Provisions	(8,685)	(10,953)	(6,441)
Total current liabilities	(164,234)	(141,071)	(176,217)
Non-current liabilities
Deferred tax liability	(6,128)	(1,115)	(13,450)
Lease liabilities	(7,171)	(6,322)	(7,166)
Bank borrowings	(48,152)	(11,341)	(32,410)
Provisions	(18,193)	(2,356)	(4,054)
Retirement benefit obligations	(3,149)	(4,630)	(3,189)
Total non-current liabilities	(82,793)	(25,764)	(60,269)
Total liabilities	(247,027)	(166,835)	(236,486)
Net assets	166,917	111,203	160,092
Equity
Share capital	4,692	4,187	4,668
Share premium account	74,210	33,513	72,954
Own shares	(6,252)	(7,411)	(7,411)
Share option reserve	4,579	3,299	4,663
Retained earnings	88,254	76,810	83,732
Total equity attributable to the equity shareholders of the parent	165,483	110,398	158,606
Non-controlling interests	1,434	805	1,486
Total equity	166,917	111,203	160,092

Source ↗

	Six months ended 31 October 2025 Unaudited £'000	Six months ended 31 October 2024 Unaudited £'000	Year ended 30 April 2025 Audited £'000
Net cash (used in)/generated from operating activities	(31,592)	31,407	51,184
Cash flow from investing activities
Interest received	219	318	1,125
Purchases of property, plant and equipment	(10,334)	(6,655)	(13,182)
Sale of Transport business	5,892	-	-
Acquisition of subsidiary (net of cash acquired)	-	(2,989)	(81,589)
Net cash used in investing activities	(4,223)	(9,326)	(93,646)
Cash flow from financing activities
Issue of new shares	1,280	1,382	2,058
Share placement net of associated transaction costs	-	-	39,246
Dividends paid	(5,039)	(4,095)	(6,476)
Purchase of own shares	-	(3,998)	(3,998)
Sale of own shares	1,066	889	889
Drawdown of borrowings	15,051	-	16,780
Repayment of borrowings	-	(5,000)	-
Repayment of lease liabilities	(1,296)	(1,114)	(2,317)
Net cash generated from/(used in) financing activities	11,062	(11,936)	46,182
Net (decrease)/increase in cash and cash equivalents	(24,753)	10,145	3,720
Represented by
Cash and cash equivalents brought forward	38,511	39,667	39,667
Net (decrease)/increase in cash and cash equivalents	(24,753)	10,145	3,720
Exchange gains/(losses)	2,910	(571)	(4,876)
Cash and cash equivalents carried forward	16,668	49,241	38,511

	FY Apr 26	FY Apr 25
Revenue to operating profit
Revenue	306.4	270.0
Gross profit	104.3	90.4
Adjusted operating profit	36.3	27.5
Operating profit	34.6	26.1
Amortisation	(5.9)	(3.0)
Operating profit to net income
Finance costs	(2.5)	(1.6)
Profit before tax	32.6	25.6
Tax	(8.3)	(6.0)
Net income (owners)	23.9	19.2
Per share
EPS basic	52.2p	45.1p
EPS diluted	51.3p	44.2p
Dividend per share	17.9p	16.3p

	H2 Apr 26	H1 Oct 25	H2 Apr 25	H1 Oct 24
Revenue to operating profit
Revenue	177.6	128.8	151.8	118.2
Gross profit	62.4	41.9	52.2	38.3
Adjusted operating profit	26.6	9.7	17.4	10.1
Operating profit	26.7	8.0	17.3	8.8
Amortisation	(3.3)	(2.6)	(2.0)	(1.0)
Operating profit to net income
Finance costs	(1.4)	(1.1)	(1.0)	(0.6)
Profit before tax	25.5	7.1	17.1	8.5
Tax	(7.2)	(1.1)	(4.3)	(1.7)
Net income (owners)	17.8	6.1	12.1	7.1
Per share
EPS basic	38.8p	13.4p	27.5p	17.6p
EPS diluted	38.1p	13.1p	26.9p	17.3p

	FY Apr 26	FY Apr 25
Operating activities
Cash from operations	11.3	51.2
Investing activities
Capex (PP&E)	(17.6)	(13.2)
Financing activities
Lease principal paid	(2.5)	(2.3)
Dividends paid	(7.7)	(6.5)
Share buybacks	0.0	(4.0)
Shares issued	1.9	2.1

	H2 Apr 26	H1 Oct 25	H2 Apr 25	H1 Oct 24
Operating activities
Cash from operations	42.9	(31.6)	19.8	31.4
Investing activities
Capex (PP&E)	(7.3)	(10.3)	(6.5)	(6.7)
Financing activities
Lease principal paid	(1.2)	(1.3)	(1.2)	(1.1)
Dividends paid	(2.7)	(5.0)	(2.4)	(4.1)
Share buybacks	0.0	0.0	0.0	(4.0)
Shares issued	0.6	1.3	0.7	1.4

	30 Apr 26	30 Apr 25
Non-current assets
Goodwill	80.9	81.4^r
Other intangibles	47.9	49.1
Property, plant & equipment	42.3	31.0
Investment property	1.3	0.0
Non-current assets	186.9	179.6
Current assets
Inventories	48.0	52.1
Trade receivables	129.9	89.1
Cash	49.6	74.6
Current assets	234.1	222.4
Total assets	421.0	401.9^r
Current liabilities
Trade payables	138.8	126.6
Borrowings, current	0.0	37.0
Lease liabilities, current	2.1	2.3
Current liabilities	163.9	188.3^r
Non-current liabilities
Borrowings, non-current	47.4	32.4
Lease liabilities, non-current	6.8	7.2
Pension surplus / (deficit)	(2.8)	(3.2)
Non-current liabilities	68.9	53.5
Total liabilities	232.8	241.8^r
Equity
Non-controlling interests	1.8	1.5
Total equity	188.2	160.1
Net cash and other figures
Net cash / (debt) ex leases	2.2	5.2
Order book	618.8	616.4

	30 Apr 26	31 Oct 25	30 Apr 25	31 Oct 24
Non-current assets
Goodwill	80.9	79.1	81.4^r	51.5
Other intangibles	47.9	48.4	49.1	3.7
Property, plant & equipment	42.3	39.4	31.0	24.3
Investment property	1.3	–	0.0	–
Non-current assets	186.9	190.3	179.6	89.6
Current assets
Inventories	48.0	56.6	52.1	39.3
Trade receivables	129.9	106.3	89.1	70.5
Cash	49.6	53.2	74.6	75.4
Current assets	234.1	223.7	222.4	188.5
Total assets	421.0	413.9	401.9^r	278.0
Current liabilities
Trade payables	138.8	111.7	126.6	99.0
Borrowings, current	0.0	37.5	37.0	26.1
Lease liabilities, current	2.1	2.3	2.3	1.8
Current liabilities	163.9	164.2	188.3^r	141.1
Non-current liabilities
Borrowings, non-current	47.4	48.2	32.4	11.3
Lease liabilities, non-current	6.8	7.2	7.2	6.3
Pension surplus / (deficit)	(2.8)	(3.1)	(3.2)	(4.6)
Non-current liabilities	68.9	82.8	53.5	25.8
Total liabilities	232.8	247.0	241.8^r	166.8
Equity
Non-controlling interests	1.8	1.4	1.5	0.8
Total equity	188.2	166.9	160.1	111.2
Net cash and other figures
Net cash / (debt) ex leases	2.2	(32.5)	5.2	–
Order book	618.8	604.5	616.4	–

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