AGM Statement

RNS Number : 9363L

Cohort PLC

11 September 2012

 



11 September 2012                                                                                                                                                                 AIM: CHRT

PRESS RELEASE

COHORT PLC ("Cohort")

AGM Statement & First Quarter Update  

Cohort, the independent technology group, is today holding its Annual General Meeting.  The Chairman, Nick Prest, will make the following remarks to the meeting:

"Cohort continued to improve its performance last year, achieving a record trading profit and increasing its order book and net funds.  All of Cohort's businesses improved their trading performance with MASS achieving another record result, SCS growing its profitability in a tight market and SEA making progress.

"The combination of a good order book, strong net funds and businesses with operational momentum provide a solid foundation for the current financial year.  We have continued to build on this foundation with the contract wins that we have announced over the summer:

·    SEA's four year, £10 million research contract from the UK Government's Defence Science and Technology Laboratory under a program known as Delivering Dismounted Effect (DDE); and,

·    MASS's multi million pound five-year extension to its managed IT service contract for the Sentry Whole Life Support Programme (WLSP).

"These contracts are a welcome vote of confidence in the capabilities of our businesses and our partnering approach to service provision.  Although the UK defence market remains tight, the Cohort businesses' strong and relevant capabilities are leading to a good pipeline of new opportunities with the MOD and in export markets.  As at 31 July 2012 the Group order book stood at £111m (30 April 2012: £107.1m). 

"Cohort's trading and prospects at this early stage of the year are consistent with making further progress in 2012/13.

"Although working capital has increased to support project activity at MASS and SEA, the Group has maintained a strong cash balance in excess of £12m as at 10 September 2012 (30 April 2012: £14.1m).  This is enabling the Group to consider acquisitions where suitable opportunities arise, whilst continuing to focus on organic growth and operational improvements.  In combination these are intended to deliver increased shareholder value."

Ends

For further information please contact:

Cohort plc	0118 909 0390
Andy Thomis, Chief Executive
Simon Walther, Finance Director
Investec Bank Plc	020 7597 5970
Keith Anderson / Daniel Adams
MHP Communications Limited	020 3128 8100
Reg Hoare / Vicky Watkins

NOTES TO EDITORS

Cohort plc (www.cohortplc.com) is the parent company for three innovative, agile and responsive businesses working primarily for defence (air, land and sea), wider government and industry clients. 

·   SCS (www.scs-ltd.co.uk) - a defence consultancy, combining technical expertise with practical experience and domain knowledge. Owned by Cohort since flotation in March 2006. 

·   MASS (www.mass.co.uk) - a specialist defence and aerospace business, focused mainly on electronic warfare, information systems and electronic systems development.  Acquired by Cohort in August 2006. 

·   SEA (www.sea.co.uk) - an advanced surveillance systems and software house with hardware development capability operating in the defence, space and transport market sectors.  Acquired by Cohort in October 2007. 

Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in March 2006. It has its headquarters in Berkshire and, through its operating companies, employs in total around 530 core staff there and at bases in Bristol, Cambridgeshire, Lincolnshire and Somerset.

 

END

 

 

AGMSFAFMSFESEEU