AGM update on growing momentum in orders
In a statement to accompany today’s AGM, Cohort PLC reported that, following a year of record earnings in FY23, the Group has continued to build its order book, adding a further £90m in contract wins since the start of FY24. Consequently, as of 22 September the order book had risen to £370m, representing revenue cover of 93%.Compared to a year-end FY23 net cash position of £15.6m, net funds at the end of August were £15.2m, providing sufficient cash in conjunction with banking facilities to both meet commitments and support a potential acquisition strategy.
The Group reports that the increased level of activity with the UK MOD which characterised FY23 has continued, with strong momentum into the first quarter of FY24, backed by prospects for long-term orders for naval systems in particular and for support work for both the UK MOD and export markets.
This update confirms that the Group has maintained momentum in new contract wins, and has built the financial flexibility to both furnish growth and consider opportunities to augment its portfolio of acquired, and integrated, defence specialists.
Our positive outlook remains unchanged, as does our Fair Value at 650p/share.
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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