Cohort PLC AGM Statement (4252A)
September 11 2018 - 6:20AM
UK Regulatory
TIDMCHRT
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 GBP5.3m. As
expected, this is lower than the GBP11.3m 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 GBP104.5m
(compared to GBP102.5m 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
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END
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