FY 23 trading update: ahead and unified
In a Trading Update for the year to 30 April 2023, Cohort plc expects performance to be slightly ahead of market expectations based on higher revenue. We note FY23 net funds reported at c.£15.0m - well ahead of ED estimated, at £4.6m - strong order intake of c.£218m (FY22: £186.7m), and a closing order book of £325m - at the Interim £304.2m. This underpins £145m, i.e. 83%, of our FY 24 estimated revenue, compared with 69% in FY23 (E). Overall, the update confirms the strength of momentum into the medium term with delivery projected to 2032.At the Interim we raised our FY23 revenue outlook by 3% to £165m (+20%YoY) and maintained our (adj.) EBITDA outlook of £22.0m (+13.1%YoY). At this stage, our outlook remains unchanged, with the opportunity to review with full FY 23 results, and which indicates a FY23 EV/EBITDA of 8.9x; and for FY24 (E) 8.2x.
Our Fair Value remains 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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