AGM Statement

RNS Number : 5256M

Cohort PLC

17 September 2019

 

17 September 2019

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 made further progress during the year, achieving a record adjusted operating profit and record order intake. MASS, MCL and SEA all posted increases in profits and the result also benefitted from the acquisition of Chess Technologies (Chess) in December 2018, which performed ahead of our expectations. These gains were partially offset by a weaker performance at EID, which is expected to improve this year.

"The Group's net debt as at 31 August 2019 stood at £12.9m, compared to £6.4m at the year ended 30 April 2019.  This increase was in line with our expectations and reflected a partial unwinding of working capital at the year end.

 "At 31 August 2019 the Group's order book stood at £210.9m (compared to £190.9m at 30 April 2019).  This underpins nearly 76% of the full year's externally forecast revenue, including recently announced September orders, compared to 60% at the same time last year. 

"Since we reported the Group's final results in July, we have continued to win good quality work in all the Group's divisions; major awards include:

·    Renewal and extension of export electronic warfare work at MASS (announced 23 July) for £4.8m.

·    EID contract to supply tactical radios and ancillary equipment for the Portuguese Army (announced 3 September) for €16.7m.

"We also have a good pipeline of order prospects.

"We retain the financial resources to augment organic growth through targeted acquisitions, and expect the Group to continue to make progress this year and beyond.  This takes into consideration the budgetary risks of our main UK customer, an improved performance from EID, the timing of exports and our strong order book."

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
Daniel Adams / Chris Baird
MHP Communications		020 3128 8100
Reg Hoare / Ollie Hoare

NOTES TO EDITORS

Cohort plc (www.cohortplc.com) is the parent company of five 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.

Chess Technologies, through its operating businesses Chess Dynamics and Vision4ce, offers systems and technologies for detecting, tracking, classifying and disrupting naval, land and air threats. It was acquired by Cohort plc in December 2018. www.chess-dynamics.com & www.vision4ce.com

EID designs and manufactures advanced communications systems for the defence and security markets. Cohort acquired a majority stake in June 2016.  www.eid.pt

MASS is a specialist defence and technology business, focused on electronic warfare, information systems and cyber security.  Acquired by Cohort in August 2006. www.mass.co.uk

MCL - an expert in sourcing, design and integration of communications and surveillance technology, as well as support and training for UK end users including the MOD and other government agencies. MCL has been part of the Group since July 2014. www.marlboroughcomms.com

SEA is an advanced electronic systems and software house operating in the defence, transport and offshore energy markets. Acquired by Cohort in October 2007. www.sea.co.uk

Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in March 2006. It has its headquarters in Reading, Berkshire and employs in total around 950 core staff there and at its other operating company sites across the UK and in Portugal.

 

END

 

 

AGMSFEEFMFUSEFU