Update: Defence paying dividends
Interim results underpin Cohort's full-year expectations. Ongoing delays to the completion of the EID acquisition in Portugal will limit its contribution to FY16. Nevertheless, this remains a matter of timing and not value. In the meantime, the continuing activities are demonstrating solid progress. Defence trends are increasingly supportive, and were bolstered by the recent Strategic Defence and Security Review (SDSR) in the UK. The organic development should drive strong cash flow facilitating further value-creating bolt-ons. Relative to its defence peer group valuation some potential still remains.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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