AGM Statement
Cohort PLC has reported a strong performance with record revenue, adjusted operating profit, and earnings per share, supported by robust order intake and a strong closing order book of approximately £700 million as of mid-September, covering nearly 90% of FY2027 revenue expectations. The company's German subsidiary, ELAC, secured a significant €140.7 million contract for integrated sonar systems for the Polish Orka Submarine Programme, with deliveries extending to the mid-2030s. Cohort has also increased its banking facility to £175 million with a £50 million accordion, providing financial flexibility for investment and acquisitions. The outlook for FY2027 remains unchanged, with performance weighted towards the second half, and the company aims to improve net margins to a mid-teens percentage.
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Cohort plc (the "Group"), the AIM listed independent technology group, today issues the following statement and trading update ahead of its Annual General Meeting (“AGM”) being held later today.
The Group reported a further increase in performance last year, delivering record revenue, adjusted operating profit and earnings per share. A year of strong order intake, a record closing order book and a positive net cash position provided a robust platform to continue Cohort’s growth momentum into the current financial year. The dividend was increased by 10%, having been increased every year since the Group's IPO in 2006.
Last month we announced that our German subsidiary ELAC, in its 100th year of operation, was awarded a contract with a value of €140.7 million, under which it will collaborate with Saab to deliver integrated sonar systems for the Polish Orka Submarine Programme. Work commences immediately and deliveries will continue out to the mid-2030's.
Trading performance in the year to date has been consistent with the Board’s expectations. The outlook for growth in FY2027 remains unchanged, with a weighting to the second half as in previous years.
As at mid-September, the order book was around £700m, underpinning nearly 90% of current market consensus revenue expectations for FY2027. We continue to see good prospects for further order intake this year and beyond, providing a solid platform to continue our organic growth momentum, whilst supporting our medium-term aim to improve net margins to a mid-teens percentage.
As previously announced, we agreed a new bank facility in April 2026 tripling its size to £175m, with an additional £50m accordion. This, together with cashflow we expect to generate, provides significant financial flexibility to fund investment in product development, facilities, and acquisitions, whilst enabling the Group to manage the anticipated fluctuations in its working capital.
Looking forward, Cohort continues to see robust demand for our products and services from both our domestic and export customers, reflecting our strong and relevant offerings, and the persistent conflicts and tensions around the globe.
The Group’s half year results for the six months ending 31 October 2026 are due to be released in December 2026.
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