Update: Performance shining through
Cohort’s final results came in ahead of our forecasts with a record revenue, adjusted operating profit and closing cash performance delivered. The 22% underlying organic revenue growth and 17% underlying operating profit growth was augmented by the MCL and J+S acquisitions, both of which were immediately earnings enhancing. With a closing order book of £134.0m, including a contribution of £38.0m from the acquisitions, we believe Cohort is set for a period of sustained organic growth. In addition, a significant outperformance on cash, some of which is expected to partially reverse in FY16, leaves the group with a very strong balance sheet to pursue further targeted acquisitions and deliver organic growth.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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