AGM Statement

Cohort, the AIM listed independent technology group, is today holding its Annual General Meeting ("AGM") and issues the following comments on current trading and outlook.

Cohort achieved record financial results in the year ended 30 April 2024 ("FY2024"), with strong performances in revenue, adjusted operating profit, order intake and net funds. The year ended with a robust cash position and a record closing order book of £518.7m, stretching out to 2037, with strong revenue cover for the current financial year ending 30 April 2025 ("FY2025").

Based on trading and order intake to date, we expect the first half trading performance to be significantly ahead of the same period last year, driven by the strong order book in Sensors and Effectors. We also expect to see an improved net margin for the first half. In line with past experience, we expect to see a continued weighting to the second half in the year as a whole.

Following contract wins since the start of FY2025 of over £120m, the order book on 20 September 2024 stood at over £575m, representing consensus FY2025 revenue cover of around 90%. We are optimistic about our prospects for further significant new orders, given demand for our products and services from both our domestic and export customers. For FY2025, we now forecast that the Group's revenue and profit performance will be a little ahead of our previous expectations.

As previously disclosed in the FY2024 Final Results announcement, given planned capital expenditure and expansion in working capital to support our record order book, net funds at the end of FY2025 are expected to be slightly lower than the £23.1m reported at the end of FY2024.

The Group's strategy continues to be to grow both organically and through acquisitions. Current geopolitical tensions are driving increased investment in defence and those are expected to continue for some years to come, creating the conditions for organic growth. Our business model is also well adapted to generating value from carefully targeted acquisitions, and we continue to seek opportunities for these in the UK and elsewhere.

Simon Walther, Finance Director Emily McBride, Group Head of Marketing and Corporate Communications Raquel McGrath, Company Secretary

Communications and Intelligence

Sensors and Effectors