AGM Statement

RNS Number : 4252A

Cohort PLC

11 September 2018

 

11 September 2018

COHORT PLC

("Cohort" or "the Group")

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 improved its performance again last year, and achieved a record adjusted operating profit.  A strong contribution from EID and a return to growth at MASS, with MCL steady, offset a weaker performance at SEA, where restructuring is expected to improve its performance this year. Although the UK defence market remains tight, the Cohort businesses have strong and relevant capabilities, established positions on some key long-term UK MOD programmes, and a good pipeline of new opportunities and export prospects.

"The Group's net funds as at 31 August 2018 stood at £5.3m. As expected, this is lower than the £11.3m at 30 April 2018, primarily as a result of the timing of supplier payments at MCL.

"At 31 July 2018 the Group's order book stood at £104.5m (compared to £102.5m at 30 April 2018).  The underpinning of the full year's externally forecast revenue is nearly 60%, slightly lower than last year.  Since we reported the Group's final results in June, we have continued to hold positive discussions with customers about important order opportunities, including:

·     Renewal and extension of export electronic warfare work at MASS

·     Export orders for torpedo launch systems at SEA

·     A new export order for MASS's Thurbon database

·     Further orders for submarine surveillance systems at MCL

·     A large order for vehicle intercoms for EID from a Middle East customer

"The Group's performance for the year will depend on the level and timing of success in these and other order prospects.  

"Considering the balance of risks and opportunities, we maintain our overall performance expectations for the year.

"We continue to look for opportunities to augment organic growth through targeted acquisitions, supported by a strong funding position."

Ends 

For further information, please contact:

Cohort plc		0118 909 0390
Andrew 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 / Ollie Hoare

NOTES TO EDITORS

Cohort is the parent company of four innovative, agile and responsive businesses based in the UK and Portugal, providing a wide range of services and products for domestic and export customers in defence and related markets.

MASS is a specialist defence and technology business, focused on electronic warfare, information systems and cyber security.

www.mass.co.uk

MCL is an expert in the sourcing, design, integration and support of communications and surveillance technology for the defence and security markets.

www.marlboroughcomms.com

SEA is an advanced electronic systems and software house operating in the defence, transport and offshore energy markets.

www.sea.co.uk

EID designs and manufactures advanced communications systems for the defence and security markets.

www.eid.pt

 

END

 

 

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