Cohort plc: Robust results and outlook: all on track
For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m). Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m). EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share.Communications & Intelligence (C&I) (EID, MASS, MCL and EMS) reported revenue of £62.3m, +12.8%YoY and (adj.) EBIT of £10.4m, +23.2%YoY, on margin improvement from 15.5% in H1 25 to 16.8%. The closing order book was firm at £203.6m (FY25: £202.4m).
Sensors & Effectors (S&E) (Chess Dynamics, ELAC Sonar and SEA) recorded revenue of £66.6m, +3.7%YoY and (adj.) EBIT of £3.2m, -39.8%YoY, a 4.8% margin (H1 25: 8.3%.) due to an increase in lower margin projects. Order intake of £58.8m and project completion resulted in a closing order book of £400.9m (FY25: £414.0m); the Group reports a “strong” pipeline of opportunities.
Deliverables in H2’26 are seen at c.£145m and after adding H1 income that equates to 94% of consensus forecast full year revenue. Our outlook and Fair Value of 1,930p / share remain unchanged.
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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