Confident AGM statement and Q1 update
Cohort has reported order wins since the start of the financial year of over £70m and a resulting order book of over £300m, indicative of c.95% cover of consensus FY23 revenue outlook. Encouragingly, order book longevity continues to increase.The most recent events in the war in Ukraine serve as a reminder of the renewed emphasis on defence preparedness across NATO and in the UK. Cohort reports increased levels of activity from the UK MOD, highlighting MCL – specialist in electronic communications and information systems – where strong performance in FY23 is expected
The expanded order book Cohort reports, backed by order longevity, underpins our April 2023 estimates, which remain unchanged at revenue growth of 16.5%YoY to £160.5m and EBITDA growth of 13.5%YoY to £22.0m. Consequently we reiterate our Fair Value of 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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