SCS to merge into other Cohort businesses
Cohort has announced that it will integrate its Systems Consultants Services (SCS) business into other parts of the group. Management believes this will provide better long-term growth prospects. The exceptional cost, which will be incurred in FY17, is estimated at £2m and is expected to result in annual cost savings of c £1.6m. We believe earnings estimates are achievable, but await interim results to confirm mix changes, with no significant change to our fair value estimate anticipated as future cash and earnings benefits offset short-term hits.Cohort is a holding company. Co. operates through its subsidiaries: Empresa de Investigacao e Desenvolvimento de Electronica, S.A., which is engaged in the fields of electronics, tactical and naval communications, command and control; MASS Consultants Limited, which is an electronic warfare operational support, cyber security, secure ICT networks and support to operations business serving customers primarily in defense and security markets; and Marlborough Communications Limited, which is a supplier of electronic communications, information systems and signals intelligence technology to the defense and security sectors.
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