Interim Results

COHORT PLC

                                INTERIM RESULTS FOR THE HALF YEAR ENDED

                                            31 OCTOBER 2006

                                 GOOD STRATEGIC AND FINANCIAL PROGRESS

Cohort plc, a leading independent defence technical services business, today announces interim results for the
half year to 31 October 2006. Highlights include:

    -   Group turnover up 60% to £13.6m (including 15.8% organic growth for SCS).

    -   Three months maiden contribution of £3.8m turnover and £0.5m operating profit from Mass.

    -   Normalised* profit before tax £1.1m.

    -   Normalised* earnings per share 3.1p.

    -   Interim dividend 0.4p.

    -   Strong balance sheet with £3.6m cash at the period end.

    -   Operating cash inflow up 148% to £1.0m.

    *Before exceptional items and goodwill amortisation.

Commenting on the result, Nick Prest CBE, Chairman of Cohort plc said:

"With strong revenue growth from SCS and the acquisition of Mass in August, Cohort has made good progress in
executing the strategy set out at the time of flotation in March 2006. The Board is positive about
the outlook".

For further information, please contact

Cohort plc                                    014 9184 3150
Nick Prest, Chairman
Stanley Carter, Chief Executive

Investec                                      020 7597 5970
Michael Ansell, Martin Smith

Gainsborough Communications                   020 7190 1705
Julian Walker

NOTES TO EDITORS

Cohort plc (www.cohortplc.com)

Cohort is a defence technical services group. It operates through two wholly-owned subsidiaries, Systems
Consultants Services Limited ("SCS") and Mass Consultants Limited ("Mass"), both of which are leading
independent service providers, working for defence, wider government and industry clients.

-   Cohort's original operating company, SCS, provides independent consultancy support, which
combines technical expertise with practical experience and domain knowledge, primarily but not
exclusively to the defence sector.

-   Mass was acquired by Cohort in August 2006 for an initial consideration of £12.5m and is an
independent UK Systems House focused on the defence and aerospace markets. Mass offers specialist
skills in four main business areas: Managed Services, Electronic Warfare, Secure Communications and
Information Assurance.

Cohort was specifically established to capitalise on consolidation and organic growth opportunities in the
defence technical services market and was admitted to trading on AIM on 8 March 2006.

CHAIRMAN'S STATEMENT

OVERVIEW

Cohort has made good progress in executing the strategy set out at the time of flotation in March 2006: 
namely to exploit the good opportunities for organic growth in its then sole subsidiary, Systems 
Consultants Services  Limited (SCS), and to make acquisitions of complementary companies.  SCS showed 
strong revenue growth in the first half of the financial year relative to the same period in 2005 and 
in August 2006 Cohort acquired Mass Consultants Limited (Mass).

FINANCIALS

In the six months ended 31 October 2006, Cohort achieved group turnover of £13.6m (2005: £8.5m) representing a
60% increase. The turnover for the first half included £9.8m from SCS (which represented growth of
15.8% on 2005), and a maiden contribution of £3.8m from Mass for the three months from
1 August 2006.

Group operating profit before accounting for the share of joint ventures, exceptional items and goodwill
amortisation was £1.1m (2005: £1.0m) and included central costs of £0.3m (2005: £nil) reflecting  the
costs of being a public company for the first time.

The operating profit included a maiden contribution from Mass of £0.5m for the period from 1 August to
31 October 2006.

SCS's operating profit for the first half was £0.9m (2005: £1.0m) on turnover of £9.8m (2005: £8.5m). This was
marginally down on 2005, the higher turnover and margin being offset by an increase in staff costs as
new  revenue generating personnel and support staff were recruited in the second half of 2005 and the
early part of 2006 to manage the increased scale of the business, provide a base for further expansion
and meet the reporting and governance requirements of being part of a public company.

The Group incurred a small loss in its joint venture undertakings, reflecting the developmental nature of these
businesses.

The normalised earnings per share (before exceptional items and goodwill amortisation) for the six months ended
31  October  2006 are 3.12 pence per ordinary share (2005: 4.36 pence), reflecting the impact of the
flotation.

Net cash flow from operating activities was £1.0m (2005: £0.4m).  The period ended with £3.6m of cash on the
balance sheet, having paid out £11.7m in cash for the acquisition of Mass, £8.5m of which was funded
from the net proceeds of an equity fundraising and the balance of £3.2m from Cohort's own cash
resources.

SCS

Since the start of the year, SCS has built good momentum across most of its business areas. First half revenue of
£9.8m was 5.8% ahead of the same period in 2005.  While SCS's workload continues to be made up of a
substantial number of relatively low value contracts, a number of more significant assignments have
been  booked.  These include two important air defence programmes: the Land Environment Air Picture
Provision project (working with Lockheed Martin), which could be worth more than £5m to SCS over a
four-year period, and the Network-Enabled Air Defence and Surveillance project (working with the
Advantage Business Group).

MASS

Cohort acquired Mass on 1 August 2006 for an initial consideration of £12.5m with up to an additional £0.5m
payable against receipt of future major orders. The order book of Mass at acquisition was £33.3m.
Mass delivers systems engineering, and software and electronic engineering services and solutions
(including design and manufacture), primarily to defence and aerospace customers. Particular areas of
expertise  are  in the management of secure IT services, electronic warfare and secure communication,
especially for airborne platforms.

Since the acquisition, integration of Mass with Cohort and SCS has proceeded well and the company has traded in
accordance with our expectations.

Mass has a greater export focus than SCS and also a stronger presence in air and sea sectors. These are
complementary strengths and we see opportunities over time to exploit the market positions of SCS and
Mass to the benefit of both companies.

DIVIDENDS

In accordance with the Group's progressive dividend policy, it plans to pay an initial interim dividend of
0.4 pence per ordinary share on 8 March 2007 to shareholders on the register at 9 February 2007.

OUTLOOK

The Group's order book at 31 October 2006 stood at £37.9m with £12.7m of this being deliverable in the second
half. This, together with a strong pipeline of prospective business, provides confidence for
continued progress in the full year.

The Cohort business model of providing technical advice and services to defence markets, independent of major
producer interests, is strong and we intend to exploit it by capitalising on the organic growth
opportunities available to both SCS and Mass and by making complementary acquisitions as available
opportunities arise. The Board is positive about the overall outlook.

CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31 October 2006

                                                        Six months ended     Six months ended         Year ended
                                                         31 October 2006      31 October 2005      30 April 2006
                                                               Unaudited            Unaudited            Audited
                                                                    £000                 £000               £000
                                         Notes

Group turnover                               2                    13,596                8,477             17,823

Cost of sales                                                   (10,151)              (6,302)           (13,318)

Gross profit                                                       3,445                2,175              4,505

Administrative expenses                      3                   (2,537)              (1,195)            (2,708)
Group operating profit                       2                       908                  980              1,797

Share of operating result of joint                                                                              
ventures                                                           (116)                 (70)              (148)
Total operating profit                                               792                  910              1,649

Exceptional items:                                                                                              

Net provision against joint venture                                                                             
investments and commitments                                            -                   72                102

Provision against related party                                                                                 
undertakings                                                           -                (229)              (339)

Profit/(Loss) on the sale of                                                                                    
tangible fixed assets                        2                         3                    -               (82)
                                                                       3                (157)              (319)

Profit on ordinary activities before                                                                            
interest                                                             795                  753              1,330

Interest receivable                                                  119                   61                105

Interest payable and similar charges                                (10)                                        
                                                                                         (44)               (76)
                                                                     109                   17                 29

Profit on ordinary activities before                                                                            
taxation                                                             904                  770              1,359

Tax on profit on ordinary activities         4                     (333)                (236)              (440)
Profit on ordinary activities after tax                              571                  534                919

Basic earnings per share                     5                     2.41p                3.37p              5.47p

Diluted earnings per share                   5                     2.39p                3.37p              5.45p

Normalised basic earnings per share                                                                             
                                             5                     3.12p                4.36p              6.76p

CONSOLIDATED BALANCE SHEET
As at 31 October 2006

                                                         31 October 2006      31 October 2005      30 April 2006
                                                               Unaudited            Unaudited            Audited
                                                                    £000                 £000               £000
                                              Notes

Fixed assets                                                                                                    

Goodwill                                          6               13,562                    -                  -

Tangible fixed assets                                                371                  981                 99

Net investment in joint ventures                                   (210)                 (51)               (91)
                                                                  13,723                  930                  8
Current assets                                                                                                  

Stock                                                                 82                    -                  -

Debtors                                                            7,622                5,498              6,375

Cash at bank and in hand                                           3,426                  203              5,591
                                                                  11,130                5,701             11,966
Creditors: amounts falling due within one year                   (5,167)              (3,342)            (2,830)
Net current assets                                                 5,963                2,359              9,136

Total assets less current liabilities                             19,686                3,289              9,144

Creditors: amounts falling due after more than one                                                              
year                                                                   -                (447)                  -

Provisions for liabilities and charges            6                (780)                (270)              (220)
Net assets                                                        18,906                2,572              8,924

Capital and reserves                                                                                            

Called up share capital                                            2,946                    1              2,212

Share premium account                                             14,134                    -              5,339

Profit and loss account                                            1,826                2,571              1,373
Equity shareholders' funds                        7               18,906                2,572              8,924

CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 October 2006

                                                        Six months ended     Six months ended         Year ended
                                                         31 October 2006      31 October 2005      30 April 2006
                                                               Unaudited            Unaudited            Audited

                                         Notes                      £000                 £000               £000

Net Cash Flow from operating activities                              970                  391                893

Returns on investments and servicing                                                                            
of finance                                                           132                   24                 28

Taxation paid                                                          -                    -              (603)

Capital expenditure and financial                                                                               
investment                                                          (62)                (291)                463

Acquisitions:                                                                                                   

Purchase of shares in Mass Consultants                                                                          
Limited                                      6                  (11,670)                    -                  -

Investment in joint ventures                                           -                    -               (50)
                                                                (11,670)                    -               (50)

Equity dividend paid                                               (118)                (159)              (159)

Cash (outflow)/inflow before management of                                                                      
liquid resources and financing                                  (10,748)                 (35)                572    

Net management of liquid resources                                 2,118                    -            (5,278)

Financing:                                                                                                      

Issue of ordinary shares (net of costs)                            8,529                    -              5,323

Net debt movement                                                     54                 (15)              (875)
                                                                   8,583                 (15)              4,448

Decrease in cash in the period                                      (47)                 (50)              (258)

                                                                                                   At 31 October
                                                           At 1 May 2006            Cash flow               2006
                                                                    £000                 £000               £000
Funds reconciliation                                                                                            

Cash and bank                                                        313                 (47)                266

Short term deposits                                                5,278              (2,118)              3,160
                                                                   5,591              (2,165)              3,426

Finance lease                                                        251                 (54)                197
                                                                   5,842              (2,219)              3,623

1. BASIS OF PREPARATION

The interim financial information has been prepared on a consistent basis using the accounting policies set out
in the report and financial statements for the year ended 30 April 2006.

In accordance with s240(3) of the Companies Act 1985, the unaudited results do not constitute statutory financial
statements of the Company. The six months results for both years are unaudited.

2. SEGMENTAL ANALYSIS

                                             Six months ended      Six months ended 31                Year ended
                                              31 October 2006   October 2005 Unaudited             30 April 2006
                                                    Unaudited                     £000                   Audited
                                                         £000                                               £000
Group Turnover                                                                                                  
SCS                                                     9,820                    8,477                    17,823

Mass (acquired 1 August 2006)                           3,776                        -                         -
                                                       13,596                    8,477                    17,823

Group operating profit                                                                                          
SCS                                                       911                      980                     1,907

Mass (acquired 1 August 2006)                             464                        -                         -

Central Costs                                           (296)                        -                     (110)

Goodwill amortisation                                   (171)                        -                         -
                                                          908                      980                     1,797

Group turnover excludes the Group's share of joint venture turnover of £123,000 (£115,000 for the six months
ended 31 October 2005; £185,000 for the year ended 30 April 2006).

3. ADMINISTRATIVE EXPENSES

Administrative expenses includes goodwill amortisation of £171,000 for the six months ended 31 October 2006 (six
months ended 31 October 2005 - £nil; twelve months ended 30 April 2006 - £nil).

4.      TAX ON PROFIT ON ORDINARY ACTIVITIES

                                             Six months ended      Six months ended 31                Year ended
                                              31 October 2006   October 2005 Unaudited             30 April 2006
                                                    Unaudited                     £000                   Audited
                                                         £000                                               £000
Corporation tax                                                                                                 

Current year                                              333                      236                       406

Deferred taxation                                           -                        -                        34

                                                          333                      236                       440

The tax charge for the six months ended 31 October is based upon the anticipated charge for the full year.

5. EARNINGS PER SHARE

The earnings per share are calculated as follows:

                                             Six months ended      Six months ended 31                Year ended
                                              31 October 2006   October 2005 Unaudited             30 April 2006
                                                    Unaudited                     £000                   Audited
                                                         £000                                               £000
Earnings                                                                                                        

Basic and diluted earnings                                571                      534                       919
Exceptional items (net of tax)                            (3)                      157                       217
Basic and diluted earnings before                                                                               
exceptional items                                         568                      691                     1,136
Goodwill                                                  171                        -                         -
Basic and diluted normalised                                                                                    
earnings                                                  739                      691                     1,136

                                                       Number                   Number                    Number
Weighted average number of shares                                                                               

For the purposes of basic earnings                                                                              
per share                                          23,650,201               15,840,000                16,791,727
Share options                                         194,539                        -                    65,311
For the purposes of diluted earnings                                                                            
per share                                          23,844,740               15,840,000                16,857,038

6. ACQUISITION OF MASS CONSULTANTS LIMITED

Cohort plc acquired Mass Consultants Limited on 1 August 2006.

                                          Acquisition balance   Fair value adjustments       Fair value balance
                                                        sheet                     £000                    sheet
                                                         £000                                              £000
Earnings                                                                                                       

Fixed assets                                              365                     (82)                      283
                                                                                     -                        -
Net current liabilities                                 (417)                    (114)                    (531)
Cash                                                        -                        -                        -
Provisions                                               (40)                     (20)                     (60)
                                                         (92)                    (216)                    (308)

Consideration                                                                                          (13,000)
Costs of acquisition                                                                                      (425)
Goodwill                                                                                               (13,733)

Consideration and costs satisfied by:                                                                          
Issue of new shares                                                                                       1,000
Cash                                                                                                     11,670
Creditors                                                                                                   255
Deferred consideration (included in provisions                                          
at 31 October 2006)                                                                                         500
                                                                                                         13,425

7. EQUITY SHAREHOLDER'S FUNDS

                                             Six months ended      Six months ended 31                Year ended
                                              31 October 2006   October 2005 Unaudited             30 April 2006
                                                    Unaudited                     £000                   Audited
                                                         £000                                               £000

At 1 May                                                8,924                    2,197                     2,197
Profit after tax                                          571                      534                       919
Equity dividends paid                                   (118)                    (159)                     (159)
Issue of new 10p ordinary shares                                                     -                     6,803
- AIM flotation                                             -
Costs of new share issue and                                                         -                     (836)
placing for AIM flotation                                   -
Issue of new 10p ordinary shares                                                     -                         -
- Mass acquisition                                      9,906
Cost of new share issue for Mass                                                     -                         -
acquisition                                             (377)
At close of period                                     18,906                    2,572                     8,924

Cohort PLC