Cohort PLC AGM Statement (5256M)
September 17 2019 - 2:01AM
UK Regulatory
TIDMCHRT
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 GBP12.9m,
compared to GBP6.4m 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 GBP210.9m
(compared to GBP190.9m 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 GBP4.8m.
-- EID contract to supply tactical radios and ancillary
equipment for the Portuguese Army (announced 3 September) for
EUR16.7m.
"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.
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END
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