TIDMCHRT
RNS Number : 1409I
Cohort PLC
10 December 2020
COHORT PLC
HALF YEAR RESULTS
FOR THE SIX MONTHSED 31 OCTOBER 2020
Cohort plc, the independent technology group, today announces
its half year results for the six months ended 31 October 2020
Operational highlights
-- Adjusted* operating profit up 8% to GBP4.3m (2019: GBP4.0m).
-- Adjusted* earnings per share up 12% to 7.74 pence (2019: 6.94 pence).
-- Revenue down 10% to GBP54.4m (2019: GBP60.2m).
-- Order intake up 15% to GBP89.2m (2019: GBP77.2m).
-- Closing order book of GBP218.5m (30 April 2020: GBP183.3m).
-- Net debt of GBP6.1m (31 October 2019: net debt GBP6.8m; 30 April 2020: net debt GBP4.7m).
-- Interim dividend increased by 9% to 3.50 pence per share (2019: 3.20 pence per share).
-- Acquisition of Wärtsilä ELAC Nautik GmbH (to be renamed ELAC
SONAR GmbH) completed on 2 December 2020.
-- Continuing social and travel restrictions in response to the
COVID-19 pandemic had only a limited impact on the Group.
Looking forward
-- Full year performance expected to be in line with market
expectations, with a second half weighting.
-- Improved revenue visibility; half year order book of
GBP218.5m underpins over GBP70m of revenue deliverable in the
second half, which, taking into account revenue delivered to date,
underpins 92% (2019: 83%) of consensus forecast revenue for the
full year.
-- Prospects for more orders in the second half to further
underpin this year and next year are good.
-- The acquisition of ELAC SONAR represents a significant
strategic step, furthering our expansion in defence products and
export markets, particularly the naval sector.
*Adjusted figures exclude the effects of marking forward
exchange contracts to market value, amortisation of other
intangible assets (GBP3.3m; 2019: GBP3.7m) and exceptional items
(GBP1.1m charge; 2019: GBPnil).
Commenting on the results, Nick Prest CBE, Chairman of Cohort
plc said:
"Cohort delivered an improved adjusted operating profit in the
first half compared to the same period last year, despite lower
revenue. This was due to improved performance at MASS and a return
to profit at SEA, partially offset by weaker performances at Chess
and MCL.
Our order book of GBP218.5m provides solid underpinning for the
second half and beyond. In line with our experience over the last
few years we expect a much stronger performance in the second half,
though we still need to win and deliver some important orders to
achieve our targets for the year.
The acquisition of ELAC SONAR represents a significant
expansion, adding a profitable and growing sixth stand-alone
business to Cohort's portfolio and we expect ELAC SONAR to be
earnings enhancing next financial year. Overall, the Board expects
that Cohort's performance in 2020/21 will be in line with market
expectations."
A presentation for analysts is being hosted today 10 December at
9.15am for 9.30am online as follows:
Please join the event 5-10 minutes prior to scheduled start
time. When prompted, provide the confirmation code or event
title.
Webcast:
https://webcasting.brrmedia.co.uk/broadcast/5fc6456bda3f495dfeed3db6
Teleconference call line: +44 (0)330 336 9127
Confirmation Code: 2807922
Event Conference Title: Cohort Plc - Results call
Time Zone: Dublin, Edinburgh, Lisbon, London
Start Time/Date: 09:30 Thursday, December 10 2020
For further information, please contact:
Cohort plc 0118 909 0390
Andy Thomis, Chief Executive
Simon Walther, Finance Director
Raquel McGrath, Company Secretary
Investec Bank Plc 020 7597 5970
Daniel Adams / Chris Baird
MHP Communications 020 3128 8570
Reg Hoare / Pete Lambie / Isabella cohort@mhpc.com
Grace
Notes to Editors
Cohort plc ( www.cohortplc.com ) is the parent company of six
innovative, agile and responsive businesses based in the UK,
Germany 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 surveillance, tracking and
fire-control systems to the defence and security markets. It was
acquired by Cohort plc in December 2018. www.chess-dynamics.com
& www.vision4ce.com
EID designs and manufactures advanced communications systems for
naval and military customers. Cohort acquired a
majority stake in June 2016. www.eid.pt
ELAC SONAR supplies advanced sonar systems and underwater
communications to global customers in the naval marketplace.
Acquired by Cohort in December 2020. www.elac-sonar.de
MASS is a specialist data technology company serving the defence
and security markets, focused on electronic warfare, digital
services and training support. Acquired by Cohort in August 2006.
www.mass.co.uk
MCL designs, sources and supports advanced electronic and
surveillance technology 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 delivers and supports technology-based products for the
defence and transport markets alongside specialist research and
training services. 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 headquarters in Reading,
Berkshire and employs in total around 1,000 core staff there and at
its other operating company sites across the UK. Germany and
Portugal.
Chairman's statement
Nick Prest CBE
Cohort delivered an improved adjusted operating profit in the
six months to 31 October 2020 compared to the same period last
year, despite lower revenue. This was due to improved performance
at MASS and a return to profit at SEA, partially offset by weaker
performances at Chess and MCL.
To date, the continuing social and travel restrictions in
response to the COVID-19 pandemic have had only a limited impact
upon the Group. By adapting our operations, we have been able to
ensure our employees and other partners remain able to work in a
safe environment, enabling us to continue to provide our products
and services to our customers. Through September and October we saw
a gradual return of our staff to operating sites. By the end of
October, 57% of our employees were regularly attending our own or
customer facilities. Following the introduction of new restrictions
in England from 5 November that process has paused, and as at 30
November approximately 53% of colleagues were mainly working from
home.
The Group's 2020/21 first half adjusted operating profit was
GBP4.3m (2019: GBP4.0m) on revenue of GBP54.4m (2019: GBP60.2m).
Order intake exceeded the strong performance in the same period
last year at GBP89.2m (2019: GBP77.2m) including wins by Chess of
GBP51m.
MASS was again the largest contributor to the Group's adjusted
operating profit, growing strongly compared to last year. SEA
delivered revenue in line with last year with a welcome return to
profit, assisted by a restructuring exercise which completed in
July 2020. EID was also ahead of last year with an improved mix of
work. Chess and MCL both showed a weaker first half performance
than last year. At Chess, this was a result of lower volume and
weaker margin mix, with a higher element of bought-in cost in the
systems it has delivered. MCL's revenue was down due to timing of
deliveries on a major naval programme, in which COVID-19 was a
factor.
Cohort signed an agreement to acquire 100% of Wärtsilä ELAC
Nautik GmbH (ELAC SONAR) on 11 December 2019 for a headline price
of EUR11.25m (GBP10.0m). After a lengthy process, in part due to
delays caused by COVID-19, we reached agreement with the German
Federal Government in respect of regulatory undertakings, and the
purchase of ELAC SONAR completed on 2 December 2020. The
transaction has been funded entirely from the Group's own cash and
debt resources. We expect no material benefit to earnings for the
year ending 30 April 2021 but anticipate earnings enhancement in
2021/22 and beyond. We welcome the staff and management of ELAC
SONAR to the Cohort Group and look forward to working with
them.
ELAC SONAR adds a range of sophisticated active and passive
sonar systems to the Group's portfolio of naval systems and
products, complementary to the existing capabilities at SEA, Chess,
EID and MCL. ELAC SONAR also brings a presence in the German
domestic market and is active in export markets, including some
that are new to the Group.
Sir Robert Walmsley will be retiring from the Board on 31
December, having been a Director since our flotation in 2006. Sir
Robert has made a major contribution to the success of Cohort and I
would like to thank him personally and on behalf all Cohort
colleagues for his exceptional service. Sir Robert has agreed a
consultancy agreement with Cohort plc, to continue to support us in
an advisory capacity in certain key technical areas, especially in
the naval domain.
The Board regularly evaluates and reviews the Group's
Environmental, Social and Governance (ESG) activity and is
committed to maintaining appropriate standards. The Group's
employee values, customer engagement principles and governance
policies are all outlined on Cohort's website and in the Annual
Report and Accounts.
Key financials
For the six months ended 31 October 2020 the Group's revenue was
GBP54.4m (2019: GBP60.2m), including GBP20.2m from MASS, GBP11.5m
from Chess, GBP13.3m from SEA, GBP4.7m from EID and GBP4.7m from
MCL.
The Group's adjusted operating profit in the period was GBP4.3m
(2019: GBP4.0m). This included contributions from MASS of GBP4.6m
(2019: GBP3.7m), Chess of GBP0.3m (2019: GBP1.8m), EID of GBP0.3m
(2019: GBP0.1m), GBP0.8m at SEA (2019: GBP0.3m loss) and breakeven
at MCL (2019: GBP0.5m profit). Central costs were GBP1.7m (2019:
GBP1.7m).
Cohort made an operating loss, after recognising amortisation of
intangible assets (GBP3.3m) and exceptional items (GBP1.1m), of
less than GBP0.1m (2019: GBP0.3m operating profit after
amortisation of intangible assets of GBP3.7m).
Adjusted earnings per share for the six months ended 31 October
2020 increased to 7.74 pence (2019: 6.94 pence). The tax rate in
respect of the adjusted operating profit was 16.0% (2019: 16.0%).
Basic earnings per share were 0.25 pence (2019: 1.00 pence).
The net funds outflow in the first half was lower than we
expected due to the timing of payments and receipts. As we stated
in September, we expect the Group's net debt at this coming year
end, after funding the acquisition of ELAC SONAR, to remain broadly
in line with 30 April 2020.
The cash inflow from operations of GBP4.9m (2019: inflow of
GBP5.0m) has been used in paying dividends (GBP2.8m), capital
expenditure (GBP0.5m), tax payment (GBP2.0m) and net investment in
the Employee Benefit Trust (GBP0.1m).
Our order intake for the first half was GBP89.2m (2019:
GBP77.2m), excluding foreign exchange movements, resulting in a
closing order book of GBP218.5m (30 April 2020: GBP183.3m).
Chess
Chess's contribution to the Group's first half performance was
down compared to last year's equivalent period, delivering an
adjusted operating profit of GBP0.3m (2019: GBP1.8m) on revenue of
GBP11.5m (2019: GBP13.9m). The first half last year included a high
level of counter-drone deliveries to export customers, which were
not repeated this year and this first half saw higher levels of
deliveries on systems where the bought-in content is much higher
and the gross margin correspondingly lower. The Group owned 81.84%
of Chess throughout the first half of the year (2019: 81.84%
owned).
Chess had a very strong first half for contract wins, securing
GBP51.0m (2019: GBP9.2m) of new orders. Its record closing order
book of GBP52.8m (2019: GBP16.0m) along with delivered revenue
covers over 90% of its full year revenue. This, together with good
short-term order prospects, gives us confidence that Chess will
have a much stronger second half.
Chess's long-term prospects for naval, land and counter-drone
systems remain strong.
EID
EID's operating profit for the six months ended 31 October 2020
of GBP0.3m (2019: GBP0.1m) was on revenue of GBP4.7m (2019:
GBP6.0m).
EID's improved operating performance was a result of the mix of
work, with higher naval systems activity. We expect a much stronger
second half.
The Group owned 80% of EID throughout the first half of the year
(2019: 80% owned).
EID's order book of GBP36.1m at 31 October 2020 (2019: GBP37.1m)
underpins a high percentage of its expected second half revenue and
gives us confidence that EID will deliver a stronger performance in
the second half, ahead of last year.
EID has good prospects of securing further significant orders in
the second half, providing a good base for 2021/22 and beyond.
I would like to take this opportunity to express my and the
Board's thanks to Antonio Marcos Lopes, who retired as Managing
Director of EID on 30 November 2020 after having served almost
forty years with the company. We wish him the very best in the
future. We welcome Frederico Lemos who joined EID as Managing
Director on 30 November 2020.
MASS
MASS's adjusted operating profit of GBP4.6m (2019: GBP3.7m)
showed significant growth on slightly improved revenue of GBP20.2m
(2019: GBP19.9m). Its first half net margin was very strong at just
under 22% (2019: 19%). We expect the net margin to fall back to a
level we have seen in the recent past for the full year.
The stronger performance was a result of improved mix with
higher levels of long-term managed service activity, including some
support to the UK Government in its response to the COVID-19
pandemic.
MASS renewed an important order for the UK Joint Forces Command
in the first half, with contractual cover out to March 2022 and an
option to extend this to March 2024. MASS's closing order book of
GBP88.9m (2019: GBP105.8m) underpins a high percentage of MASS's
second half revenue expectations.
MCL
MCL's first half showed breakeven performance (2019: adjusted
operating profit of GBP0.5m) on slightly lower revenue of GBP4.7m
(2019: GBP7.0m). The decline in performance was a result of lower
activity in supplying equipment to the UK MOD, particularly the
Royal Navy.
MCL's order book of GBP10.9m (2019: GBP13.2m) and a good
pipeline of opportunities give us confidence that it will have a
much stronger second half.
MCL is experiencing some delay in orders from its main customer,
the UK MOD, in part due to deployment of MOD resources to assist
with COVID-19. We expect MCL's overall annual performance to be in
line with last year.
SEA
SEA's adjusted operating profit of GBP0.8m (2019: loss of
GBP0.3m) was on slightly lower revenue of GBP13.3m (2019:
GBP13.4m).
SEA's revenue mix was similar to 2019 and the return to
profitability was a result of lower overhead, in part due to the
restructuring exercise in the first quarter of this year.
SEA's order intake in the first half was over GBP10m. We expect
a stronger second half, including several key orders for new
customers and extensions to existing services and support, which
will together begin to give SEA better revenue visibility for
future periods.
SEA is reasonably well underpinned for the second half, with a
closing order book of GBP29.8m (2019: GBP34.6m) including GBP11.9m
of revenue to be delivered this financial year. We expect a
stronger second half from SEA, delivering a performance ahead of
last year.
SEA disposed of its Subsea business to its management on 1
September 2020. The Subsea business was part of the J+S business
that SEA acquired in 2014 and was identified as non-core. Its
disposal has minimal impact on the operating performance of the
Group, representing some 2% of the Group's revenue in the year
ended 30 April 2020.
The Board would like to thank SEA's Managing Director Steve Hill
who left the business in August after ten years as Managing
Director, and Martin Kelly who took over from Steve on an interim
basis. Richard Flitton will take over as Managing Director of SEA
in January 2021.
Dividend
The Board is declaring an interim dividend increased by 9% to
3.50 pence per share (2019: 3.20 pence per share). This increase
reflects the Board's confidence in the outlook for Cohort and its
commitment to a progressive dividend policy. The dividend is
payable on 4 February 2021 to shareholders on the register as of 18
December 2020.
Outlook
After a solid year in 2019/20, despite the impact of COVID-19 in
the final quarter, the first half of 2020/21 has started in line
with our expectations. Order intake was good at over GBP89m and we
also anticipate a strong performance in the second half. We expect
these orders to include important first steps into some key markets
and programmes which will provide good revenue streams for many
years to come, particularly at SEA and EID.
At 31 October 2020, our order book was GBP218.5m (30 April 2020:
GBP183.3m), providing solid underpinning for the second half and
beyond. In line with our experience over the last few years we
expect a much stronger performance in the second half, though we
still need to win and deliver some important orders to achieve our
targets for the year.
We expect the impact of COVID-19 related restrictions on travel
and other business activities, including exhibitions, to continue
through the majority of the remainder of our financial year. Our
order book and prospects combined with our ability to work safely
on site or from home gives us confidence that we will continue to
deliver products and services to our customers. The restrictions
have had some impact on our ability to engage with customers,
especially in certain overseas markets, and this may affect our
order intake and revenue in the medium to long term. Likewise,
possible downward pressure on defence budgets as a result of
COVID-19 related spending programmes may impact some of our
markets. However, we welcome the recent announcement by the UK
Government of its increased investment in defence for the next four
years, with a particular focus on areas in which our businesses
have strong offerings.
As previously stated, we do not expect any material direct
effects upon Cohort from the Brexit process.
The acquisition of ELAC SONAR represents a significant
expansion, adding a profitable and growing sixth stand-alone
business to Cohort's portfolio. It furthers our strategy of
expanding in defence products and export markets, particularly in
the naval sector. There are no changes to our expectations for the
year ended 30 April 2020 due to the delay to the completion of the
acquisition. We expect ELAC SONAR to be earnings enhancing for the
Group's financial year commencing 1 May 2021, reinforced by ELAC
SONAR's order backlog out to 2025 and its encouraging order
pipeline.
Overall, the Board expects that Cohort's performance in 2020/21
will be in line with market expectations.
Nick Prest CBE
Chairman
10 December 2020
Consolidated income statement
for the six months ended 31 October 2020
Six months Six months
ended ended
31 October 31 October Year ended
2020 2019 30 April 2020
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
---------------------------------------------- ----- ----------- ----------- --------------
Revenue 2 54,438 60,151 131,059
Cost of sales (34,812) (39,161) (80,016)
---------------------------------------------- ----- ----------- ----------- --------------
Gross profit 19,626 20,990 51,043
Administrative expenses (19,668) (20,626) (40,312)
---------------------------------------------- ----- ----------- ----------- --------------
Operating (loss)/profit 2 (42) 364 10,731
---------------------------------------------- ----- ----------- ----------- --------------
Operating (loss)/profit comprises:
Adjusted operating profit 2 4,329 4,034 18,223
Credit/(charge) on marking forward
exchange contracts to market value
at the period end (included in cost
of sales) 2 7 (132)
Amortisation of other intangible assets
(included in administrative expenses) (3,278) (3,677) (7,354)
Research and development expenditure
credits (RDEC) (included in cost of
sales) - - 784
Exceptional items (included in administrative
expenses):
Restructuring at SEA (573) - -
Loss on disposal of SEA's Subsea business 7 (522) - -
Cost of acquisition of ELAC SONAR - - (950)
Cost of relocation of MASS's Lincoln
facility - - (590)
Adjustment to earn-out on acquisition
of Chess - - 750
---------------------------------------------- ----- ----------- ----------- --------------
Operating (loss)/profit (42) 364 10,731
Finance income 8 12 27
Finance costs (336) (379) (779)
---------------------------------------------- ----- ----------- ----------- --------------
(Loss)/profit before tax (370) (3) 9,979
Income tax credit/(expense) 3 59 125 (295)
---------------------------------------------- ----- ----------- ----------- --------------
(Loss)/profit for the period (311) 122 9,684
---------------------------------------------- ----- ----------- ----------- --------------
Attributable to:
Equity shareholders of the parent 104 407 9,559
Non-controlling interests (415) (285) 125
---------------------------------------------- ----- ----------- ----------- --------------
(311) 122 9,684
---------------------------------------------- ----- ----------- ----------- --------------
Earnings per share Pence Pence Pence
------------------- ----- ----- -----
Basic 4 0.25 1.00 23.47
Diluted 4 0.25 1.00 23.24
------------------- ----- ----- -----
All profit for the period is derived from continuing
operations.
Consolidated statement of comprehensive income
for the six months ended 31 October 2020
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------- ----------- ----------- ----------
(Loss)/profit for the period (311) 122 9,684
------------------------------------- ----------- ----------- ----------
Foreign currency translation
differences on net assets
of EID 104 (19) 32
------------------------------------- ----------- ----------- ----------
Other comprehensive income/(expense)
for the period, net of tax 104 (19) 32
------------------------------------- ----------- ----------- ----------
Total comprehensive (expense)/income
for the period (207) 103 9,716
------------------------------------- ----------- ----------- ----------
Attributable to:
Equity shareholders of the
parent 22 382 9,586
Non-controlling interests (229) (279) 130
------------------------------------- ----------- ----------- ----------
(207) 103 9,716
------------------------------------- ----------- ----------- ----------
Consolidated statement of changes in equity
for the six months ended 31 October 2020
Attributable to the equity shareholders of the parent
-------------------------------------------------------------------------------------------------------------------
Share Share Non-
Share premium Own option Other Retained controlling Total
capital account shares reserve reserves earnings Total interests equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- -------- -------- --------- --------- -------- ------------ --------
At 1 May 2019 4,096 29,657 (348) 603 (4,350) 40,886 70,544 6,279 76,823
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Profit/(loss) for
the period - - - - - 407 407 (285) 122
Other comprehensive
income/(expense) for
the period - - - - - (25) (25) 6 (19)
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Total comprehensive
income/(expense) for
the period - - - - - 382 382 (279) 103
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Transactions with
owners of the Group
and non-controlling
interests recognised
directly in equity:
Equity dividend - - - - - (2,544) (2,544) - (2,544)
Vesting of Restricted
Shares - - - - - 210 210 - 210
Own shares purchased - - (1,830) - - - (1,830) - (1,830)
Own shares sold - - 1,104 - - - 1,104 - 1,104
Net loss on selling
own shares - - 577 - - (577) - - -
Share-based payments
(including deferred
tax) - - - 150 - - 150 - 150
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
At 31 October 2019
(as restated) 4,096 29,657 (497) 753 (4,350) 38,357 68,016 6,000 74,016
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
At 1 May 2019 4,096 29,657 (348) 603 (4,350) 40,886 70,544 6,279 76,823
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Profit for the year - - - - - 9,559 9,559 125 9,684
Other comprehensive
income for the year - - - - - 27 27 5 32
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Total comprehensive
income for the year - - - - - 9,586 9,586 130 9,716
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Transactions with
owners of the Group
and non-controlling
interests recognised
directly in equity:
Equity dividends - - - - - (3,853) (3,853) - (3,853)
Vesting of Restricted
Shares - - - - - 210 210 - 210
Own shares purchased - - (3,677) - - - (3,677) - (3,677)
Own shares sold - - 1,472 - - - 1,472 - 1,472
Net loss on selling
own shares - - 989 - - (989) - - -
Share-based payments
(including deferred
tax) - - - 511 - - 511 - 511
Transfer of share
option reserve on
vesting of options - - - (268) - 268 - - -
Change in fair value
of Chess's net assets
acquired - - - - - - - (163) (163)
Change in option for
acquiring
non-controlling
interest in Chess - - - - 750 - 750 - 750
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
At 30 April 2020 4,096 29,657 (1,564) 846 (3,600) 46,108 75,543 6,246 81,789
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
At 1 May 2020 4,096 29,657 (1,564) 846 (3,600) 46,108 75,543 6,246 81,789
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
(Loss)/profit for
the period - - - - - 104 104 (415) (311)
Other comprehensive
income/(expense) for
the period - - - - - (82) (82) 186 104
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Total comprehensive
income/(expense) for
the period - - - - - 22 22 (229) (207)
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Transactions with
owners of the Group
and non-controlling
interests recognised
directly in equity:
Issue of new shares 1 43 - - - - 44 - 44
Equity dividend - - - - - (2,815) (2,815) - (2,815)
Vesting of Restricted
Shares - - - - - 273 273 - 273
Own shares purchased - - (788) - - - (788) - (788)
Own shares sold - - 821 - - - 821 - 821
Net loss on selling
own shares - - 1,078 - - (1,078) - - -
Share-based payments
(including deferred
tax and foreign
exchange) - - - 184 - - 184 - 184
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
At 31 October 2020 4,097 29,700 (453) 1,030 (3,600) 42,510 73,284 6,017 79,301
----------------------- ----- -------- -------- -------- --------- --------- -------- ------------ --------
Consolidated statement of financial position
as at 31 October 2020
31 October
31 October 2019
2020 Unaudited 30 April 2020
Unaudited (as restated) Audited
Notes GBP'000 GBP'000 GBP'000
--------------------------------- ------ ---------- -------------- -------------
Assets
Non-current assets
Goodwill 42,091 42,254 42,091
Other intangible assets 9,956 16,911 13,234
Right of use asset 6,374 5,791 6,900
Property, plant, and equipment 11,587 12,111 12,121
Deferred tax asset 597 361 598
----------------------------------------- ---------- -------------- -------------
70,605 77,428 74,944
---------------------------------------- ---------- -------------- -------------
Current assets
Inventories 13,769 12,889 11,478
Trade and other receivables 47,566 41,673 47,423
Derivative financial instruments - - -
Cash and cash equivalents 19,397 18,371 20,567
----------------------------------------- ---------- -------------- -------------
80,732 72,933 79,468
---------------------------------------- ---------- -------------- -------------
Total assets 151,337 150,361 154,412
----------------------------------------- ---------- -------------- -------------
Liabilities
Current liabilities
Trade and other payables (30,903) (32,909) (30,985)
Current tax liabilities - (1,234) -
Derivative financial instruments (236) (118) (231)
Lease liability (1,180) (1,060) (1,257)
Bank borrowings (72) (51) (85)
Provisions (1,753) (1,730) (1,546)
Other payables (4,000) - -
----------------------------------------- ---------- -------------- -------------
(38,144) (37,102) (34,104)
---------------------------------------- ---------- -------------- -------------
Non-current liabilities
Deferred tax liability (2,195) (3,134) (2,820)
Lease liability (5,743) (4,887) (6,240)
Bank borrowings (25,444) (25,114) (25,189)
Provisions (510) (608) (270)
Other payables - (5,500) (4,000)
----------------------------------------- ---------- -------------- -------------
(33,892) (39,243) (38,519)
---------------------------------------- ---------- -------------- -------------
Total liabilities (72,036) (76,345) (72,623)
----------------------------------------- ---------- -------------- -------------
Net assets 79,301 74,016 81,789
----------------------------------------- ---------- -------------- -------------
Equity
Share capital 4,097 4,096 4,096
Share premium account 29,700 29,657 29,657
Own shares (453) (497) (1,564)
Share option reserve 1,030 753 846
Other reserves (3,600) (4,350) (3,600)
Retained earnings 42,510 38,357 46,108
----------------------------------------- ---------- -------------- -------------
Total equity attributable to
the equity shareholders of the
parent 73,284 68,016 75,543
Non-controlling interests 6,017 6,000 6,246
----------------------------------------- ---------- -------------- -------------
Total equity 79,301 74,016 81,789
----------------------------------------- ---------- -------------- -------------
Consolidated cash flow statement
for the six months ended 31 October 2020
Six months
Six months ended
ended 31 October
31 October 2019 Year ended
2020 Unaudited 30 April 2020
Unaudited (as restated) Audited
Notes GBP'000 GBP'000 GBP'000
-------------------------------------- ----- ----------- -------------- --------------
Net cash generated from operating
activities 6 2,578 5,445 11,597
-------------------------------------- ----- ----------- -------------- --------------
Cash flow from investing activities
Interest received 8 12 27
Purchases of property, plant,
and equipment (482) (1,823) (2,662)
Sale of SEA's Subsea business 10 - -
-------------------------------------- ----- ----------- -------------- --------------
Net cash used in investing activities (464) (1,811) (2,635)
-------------------------------------- ----- ----------- -------------- --------------
Cash flow from financing activities
Dividends paid (2,815) (2,544) (3,853)
Issue of new shares 44 - -
Purchase of own shares (788) (1,830) (3,677)
Sale of own shares 821 1,104 1,472
Drawdown of borrowings 54 - 98
Repayment of borrowings (52) (23) (78)
Repayment of lease liabilities (784) (601) (1,114)
-------------------------------------- ----- ----------- -------------- --------------
Net cash used in financing activities (3,520) (3,894) (7,152)
-------------------------------------- ----- ----------- -------------- --------------
Net (decrease)/increase in cash
and cash equivalents (1,406) (260) 1,810
-------------------------------------- ----- ----------- -------------- --------------
Represented by:
Cash and cash equivalents brought
forward 20,567 18,763 18,763
Cash flow (1,406) (260) 1,810
Exchange 236 (132) (6)
-------------------------------------- ----- ----------- -------------- --------------
Cash and cash equivalents carried
forward 19,397 18,371 20,567
-------------------------------------- ----- ----------- -------------- --------------
Net debt reconciliation
Effect of
foreign
At 1 May exchange rate At 31 October
2020 changes Cash flow 2020
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------- -------------- --------- -------------
Cash and cash equivalents 20,567 236 (1,406) 19,397
-------------------------- -------- -------------- --------- -------------
Loan (25,095) (240) - (25,335)
Finance leases (179) - (2) (181)
-------------------------- -------- -------------- --------- -------------
Bank borrowings (25,274) (240) (2) (25,516)
-------------------------- -------- -------------- --------- -------------
Net debt (4,707) (4) (1,408) (6,119)
-------------------------- -------- -------------- --------- -------------
Notes to the interim report
for the six months ended 31 October 2020
1. Basis of preparation
The financial information contained within this Interim Report
has been prepared applying the recognition and measurement
requirements of International Financial Reporting Standards (IFRS)
as adopted by the EU and expected to apply at 30 April 2021. As
permitted, this Interim Report has been prepared in accordance with
the AIM Rules for Companies and is not required to comply with IAS
34 'Interim Financial Reporting' to maintain compliance with IFRS.
This Interim Report is presented in Sterling and all values are
rounded to the nearest thousand pounds (GBP'000) except where
otherwise indicated.
For management and reporting purposes, the Group, for the period
just ended, operated through its five trading subsidiaries: Chess,
EID, MASS, MCL and SEA. These subsidiaries are the basis on which
the Company, Cohort plc, reports its primary segmental
information.
The Group's first half trading is in line with historical trends
for the Group where typically we see around a quarter or less of
our earnings for the full year.
Going concern
The Group meets its day-to-day working capital requirements
through a facility which is due for renewal in November 2022. Both
the current domestic economic conditions (including the COVID-19
pandemic) and continuing UK Government budget pressures, including
for defence, create uncertainty, particularly over the level of
demand for the Group's products and services. The Group's forecasts
and projections, taking account of reasonably possible changes in
trading performance, show that the Group should be able to operate
within the level of its current facility.
The Directors have a reasonable expectation that the Company and
Group have adequate resources to continue in operational existence
for the foreseeable future. Thus, they continue to adopt the going
concern basis of accounting in preparing this Interim Report.
The Group's UK bank facility was renewed in November 2018 for
four years until November 2022. The facility of GBP40m is with
NatWest and Lloyds.
The facility is for debt (including overdraft) and is in
addition to separate bilateral facilities with each bank for trade
finance items such as guarantees and foreign exchange
instruments.
(A) Statutory accounts
The financial information set out above does not constitute the
Group's statutory accounts for the year ended 30 April 2020. RSM UK
Audit LLP has reported on these accounts; its report was (i)
unqualified, (ii) did not include a reference to any matters to
which the auditor drew attention by way of emphasis without
qualifying its report and (iii) did not contain a statement under
Sections 498(2) or (3) of the Companies Act 2006. In accordance
with Section 434 of the Companies Act 2006, the unaudited results
do not constitute statutory financial statements of the Company.
The six month results for both years are unaudited.
(B) Statement of compliance
The accounting policies applied by the Group in this Interim
Report is consistent with its consolidated financial statements for
the year ended 30 April 2020 and are in accordance with IFRS as
adopted by the European Union. The accounting policies have been
applied consistently to all periods presented in the consolidated
financial statements of this Interim Report.
Critical accounting estimates and judgements
In the application of the Group's accounting policies, the
Directors are required to make judgements, estimates and
assumptions about the carrying amounts of certain assets and
liabilities. The Directors have identified the following critical
judgements and estimates in applying the Group's accounting
policies that have the most significant impact on the amounts
recognised in this Interim Report.
Goodwill
The carrying value of goodwill is not subject to amortisation
but is tested for impairment at each reporting date. This is a
judgement based upon the future cash flows of its cash generating
units (trading subsidiaries), growth rates and the weighted average
cost of capital applied to those future cash flows. This impairment
test as at 31 October 2020 showed no impairment of the Group's
goodwill.
Other payables
On the acquisition of 81.16% of Chess (12 December 2018), the
sale and purchase agreement provided for additional consideration
to be paid to the shareholders of Chess in respect of an earn out
and also to acquire the non-controlling interest. This figure is
estimated at GBP4.0m as at 31 October 2020 (30 April 2020: GBP4.0m;
31 October 2019: GBP5.5m) based upon the actual and forecast
performance of Chess for the three years ending 30 April 2021. This
amount is payable on or before 31 October 2021 and is now reported
as due in less than one year (30 April 2020 and 31 October 2019:
due in greater than one year).
Other estimates and adjustments including revenue recognition,
recoverability of trade and other receivables, provisions and
taxation have not materially changed since the year end.
The Interim Report was approved by the Board and authorised for
issue on 10 December 2020.
2. Segmental analysis of revenue and adjusted operating
profit/(loss)
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------- ----------- ----------- ----------
Revenue
Chess 11,528 13,917 25,158
EID 4,660 6,050 18,021
MASS 20,248 19,856 41,212
MCL 4,658 7,024 15,064
SEA 13,350 13,775 32,160
Inter-segment revenue (6) (471) (556)
------------------------------------- ----------- ----------- ----------
54,438 60,151 131,059
------------------------------------- ----------- ----------- ----------
Operating profit comprises:
Trading profit/(loss) of:
Chess 308 1,787 3,923
EID 329 56 3,108
MASS 4,610 3,754 8,914
MCL (2) 468 1,660
SEA 774 (302) 3,532
Central costs (1,690) (1,729) (2,914)
------------------------------------- ----------- ----------- ----------
Adjusted operating profit 4,329 4,034 18,223
Credit/(charge) on marking
forward exchange contracts
to market value at the period
end 2 7 (132)
Amortisation of intangible
assets (3,278) (3,677) (7,354)
Exceptional items (1,095) - (790)
Research and development expenditure
credits (RDEC) - - 784
------------------------------------- ----------- ----------- ----------
Operating (loss)/profit (42) 364 10,731
------------------------------------- ----------- ----------- ----------
All revenue and adjusted operating profit is in respect of
continuing operations.
The operating profit as reported under IFRS is reconciled to the
adjusted operating profit as reported above by the exclusion of
marking forward exchange contracts to market value at the period
end, other exchange gains and losses, exceptional items and the
amortisation of other intangible assets.
The adjusted operating profit is presented in addition to the
operating profit to provide the trading performance of the Group as
derived from its constituent elements on a comparable basis from
period to period.
The Group's adjusted operating profit includes the cost of share
options of GBP180,000 for the six months ended 31 October 2020 (six
months ended 31 October 2019: GBP150,000; year ended 30 April 2020:
GBP318,000).
The chief operating decision maker as defined by IFRS 8 has been
identified as the Board.
Revenue analysis by sector and type of deliverable
Six months Six months
ended ended
31 October 31 October Year ended
2020 2019 30 April 2020
Unaudited Unaudited Audited
------------- ------------- ----------------
GBPm % GBPm % GBPm %
----------------------------- ------- ---- ------- ---- --------- -----
By sector
UK defence 24.2 45 28.1 47 59.9 46
Portugal defence 1.3 2 1.5 2 8.3 6
Export defence customers 19.6 36 21.5 36 39.8 30
Security 4.0 7 4.0 7 10.1 8
----------------------------- ------- ---- ------- ---- --------- -----
Defence and security revenue 49.1 90 55.1 92 118.1 90
----------------------------- ------- ---- ------- ---- --------- -----
Transport 3.0 2.8 7.6
Offshore energy 1.0 0.9 2.9
Other commercial 1.3 1.4 2.5
----------------------------- ------- ---- ------- ---- --------- -----
Non-defence revenue 5.3 10 5.1 8 13.0 10
----------------------------- ------- ---- ------- ---- --------- -----
Total revenue 54.4 100 60.2 100 131.1 100
----------------------------- ------- ---- ------- ---- --------- -----
The defence and security revenue is further analysed into the
following:
Six months Six months
ended ended
31 October 31 October Year ended
2020 2019 30 April 2020
Unaudited Unaudited Audited
------------- ------------- ----------------
GBPm % GBPm % GBPm %
----------------------------------- -------- --- -------- --- ---------- ----
By market segment
Combat systems 9.5 17 8.9 15 18.0 14
C4ISTAR 23.2 43 29.2 49 63.1 48
Cyber security and secure networks 7.0 13 7.6 13 15.0 11
Simulation and training 5.3 10 4.1 7 9.4 7
Research, advice, and support 3.6 6 5.1 8 12.0 9
Other 0.5 1 0.2 - 0.6 1
----------------------------------- -------- --- -------- --- ---------- ----
Total defence and security revenue 49.1 90 55.1 92 118.1 90
----------------------------------- -------- --- -------- --- ---------- ----
The Group's total revenue in terms of type of deliverable is
analysed as follows:
Six months Six months
ended ended
31 October 31 October Year ended
2020 2019 30 April 2020
Unaudited Unaudited Audited
------------- ------------- ----------------
GBPm % GBPm % GBPm %
-------------- ------- ---- ------- ---- --------- -----
Product 28.3 52 34.3 57 74.8 57
Services 26.1 48 25.9 43 56.3 43
-------------- ------- ---- ------- ---- --------- -----
Total revenue 54.4 100 60.2 100 131.1 100
-------------- ------- ---- ------- ---- --------- -----
3. Income tax (credit)/expense
The income tax (credit)/expense comprises:
Six months Six months
ended ended
31 October 31 October Year ended
2020 2019 30 April 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------------------- ----------- ----------- --------------
UK corporation tax: in respect of this
period 575 531 2,227
UK corporation tax: in respect of prior
periods - - (785)
Portugal corporation tax: in respect of
this period (7) 57 130
Portugal corporation tax: in respect of
prior periods - - 15
Other foreign corporation tax: in respect
of this period - - (31)
--------------------------------------------- ----------- ----------- --------------
568 588 1,556
--------------------------------------------- ----------- ----------- --------------
Deferred taxation: in respect of this period (627) (713) (1,297)
Deferred taxation: in respect of prior
periods - - 36
--------------------------------------------- ----------- ----------- --------------
(627) (713) (1,261)
--------------------------------------------- ----------- ----------- --------------
(59) (125) 295
--------------------------------------------- ----------- ----------- --------------
The income tax credit for the six months ended 31 October 2020
is based upon the anticipated charge for the full year ending 30
April 2021. As it is an estimate, the impact of research and
development credits (RDEC) is not shown separately.
4. Earnings per share
The earnings per share are calculated as follows:
Six months Six months
ended ended
31 October 31 October Year ended
2020 2019 30 April 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------------- ----------- ----------- --------------
Earnings
Basic and diluted earnings attributable
to owners 104 407 9,559
(Credit)/charge on marking forward exchange
contracts to market at the period end (net
of income tax) (2) (6) 107
Exceptional items (net of income tax) 886 - 602
Group's share of amortisation of intangible
assets (net of income tax) 2,168 2,420 4,840
-------------------------------------------- ----------- ----------- --------------
Adjusted basic and diluted earnings 3,156 2,821 15,108
-------------------------------------------- ----------- ----------- --------------
Number Number Number
----------------------------------------------- ---------- ---------- ----------
Weighted average number of shares
For the purposes of basic earnings per share 40,800,176 40,633,341 40,728,149
Share options 450,233 200,712 409,484
----------------------------------------------- ---------- ---------- ----------
For the purposes of diluted earnings per share 41,250,409 40,834,053 41,137,633
----------------------------------------------- ---------- ---------- ----------
The weighted average number of ordinary shares for the six
months ended 31 October 2020 excludes 74,700 ordinary shares held
by the Cohort plc Employee Benefit Trust (which does not receive a
dividend) for the purposes of calculating earnings per share (six
months ended 31 October 2019: 109,383; year ended 30 April 2020:
231,048).
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
Pence Pence Pence
---------------------------- ----------- ----------- ----------
Earnings per share
Basic 0.25 1.00 23.47
Diluted 0.25 1.00 23.24
---------------------------- ----------- ----------- ----------
Adjusted earnings per share
Basic 7.74 6.94 37.10
Diluted 7.65 6.91 36.73
---------------------------- ----------- ----------- ----------
5. Dividends
Six months Six months
ended ended Year ended
31 October 31 October 30 April
2020 2019 2020
Unaudited Unaudited Audited
Pence Pence Pence
----------------------------- ----------- ----------- ----------
Dividends per share proposed
in respect of the period
Interim 3.50 3.20 3.20
Final - - 6.90
----------------------------- ----------- ----------- ----------
The interim dividend for the six months ended 31 October 2020 is
3.50 pence (six months ended 31 October 2019: 3.20 pence) per
ordinary share. This dividend will be payable on 4 February 2021 to
shareholders on the register at 18 December 2020.
The final dividend for the year ended 30 April 2020 was 9.45
pence per ordinary share, comprising 3.20 pence of interim dividend
for the six months ended 31 October 2019 and 6.25 pence of final
dividend for the year ended 30 April 2019.
6. Net cash generated from operating activities
Six months Six months
ended ended
31 October 31 October Year ended
2020 2019 30 April 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- --------------
(Loss)/profit for the period (311) 122 9,684
Adjustments for:
Tax (credit)/expense (59) (125) 295
Depreciation of property, plant, and equipment 938 654 1,472
Depreciation of right of use assets 621 516 1,168
Amortisation of intangible assets 3,278 3,677 7,354
Net finance expense 328 367 752
Share-based payment 180 150 318
Derivative financial instruments and other
non-trading exchange movements (2) (7) 132
Increase/(decrease) in provisions 147 11 (511)
----------------------------------------------- ----------- ----------- --------------
Operating cash flow before movements in
working capital 5,120 5,365 20,664
----------------------------------------------- ----------- ----------- --------------
(Increase)/decrease in inventories (2,224) 563 1,974
Decrease/(increase) in receivables 1,881 1,198 (4,597)
Increase/(decrease) in payables 125 (2,086) (5,059)
----------------------------------------------- ----------- ----------- --------------
(218) (325) (7,682)
----------------------------------------------- ----------- ----------- --------------
Cash generated from operations 4,902 5,040 12,982
Income taxes (paid)/received (1,988) 784 (606)
Interest paid (336) (379) (779)
----------------------------------------------- ----------- ----------- --------------
Net cash generated from operating activities 2,578 5,445 11,597
----------------------------------------------- ----------- ----------- --------------
7. Disposal of SEA's Subsea business
On 1 September 2020, the Group completed the disposal of SEA's
Subsea business (assets and contracts) to the management of that
business. The loss before tax of this disposal was GBP522,000.
8. Restatement of 31 October 2019 comparatives
At the time of reporting the 31 October 2019 balance sheet, some
of the IFRS 16 adjustment made to the opening balances at 1 May
2019 were estimates. These figures were finalised when the Group
reported its annual figures as at 30 April 2020.
As a result, the 31 October 2019 balance sheet has been restated
as follows:
As previously As restated
reported at at
31 October 31 October
2019 Adjustment 2019
GBP'000 GBP'000 GBP'000
---------------------------------------- ------------- ---------- -----------
Right of use assets 5,745 46 5,791
Non-current assets 77,382 46 77,428
Total assets 150,315 46 150,361
Lease liabilities (due greater than one
year) (4,722) (165) (4,877)
Non-current liabilities (39,078) (165) (39,243)
Total liabilities (76,180) (165) (76,345)
Net assets 74,135 (119) 74,016
---------------------------------------- ------------- ---------- -----------
Retained earnings 38,476 (119) 38,357
Total equity 74,135 (119) 74,016
---------------------------------------- ------------- ---------- -----------
Equity at 1 May 2019 41,034 - 41,034
IFRS 16 adjustment (29) (119) (148)
---------------------------------------- ------------- ---------- -----------
As restated at 1 May 2019 41,005 (119) 40,886
---------------------------------------- ------------- ---------- -----------
Independent review report to Cohort plc
Introduction
We have been engaged by the Company to review the condensed set
of financial statements in the interim financial report for the six
months ended 31 October 2020 which comprises the consolidated
income statement, consolidated statement of comprehensive income,
consolidated statement of changes in equity, consolidated statement
of financial position, consolidated cash flow statement and notes
to the interim report. We have read the other information contained
in the interim financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Directors' Responsibilities
The interim financial report, is the responsibility of, and has
been approved by the directors. The directors are responsible for
preparing and presenting the interim financial report in accordance
with the AIM Rules of the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with International Financial
Reporting Standards and International Financial Reporting
Interpretations Committee pronouncements as adopted by the European
Union. The condensed set of financial statements included in this
interim financial report has been prepared in accordance with the
presentation, recognition and measurement criteria of International
Financial Reporting Standards and International Financial Reporting
Interpretations Committee pronouncements, as adopted by the
European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the interim financial
report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain
assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not
express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim financial report for the six months ended 31 October
2020 is not prepared, in all material respects, in accordance with
the presentation, recognition and measurement criteria of
International Financial Reporting Standards and International
Financial Reporting Interpretations Committee pronouncements as
adopted by the European Union, and the AIM Rules of the London
Stock Exchange.
Use of our report
This report is made solely to the Company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"'Review of Interim Financial Information performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our review work has been undertaken so that we might state
to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusions we have formed.
RSM UK Audit LLP
Chartered Accountants
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1BP
Date: 10 December 2020
Shareholder information, financial calendar, and advisers
Advisers
Nominated adviser and broker
Investec
30 Gresham Street
London EC2V 7QP
Auditor
RSM UK AUDIT LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire MK9 1BP
Tax advisers
Deloitte LLP
Abbots House
Abbey Street
Reading RG1 3BD
Legal advisers
Shoosmiths LLP
Apex Plaza
Forbury Road
Reading RG1 1SH
Registrars
Link Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Public and investor relations
MHP Communications
4th Floor, 60 Great Portland Street
London W1W 7RT
Bankers
Lloyds Bank
The Atrium
Davidson House
Forbury Square
Reading RG1 3EU
NatWest Bank
Abbey Gardens
4 Abbey Street
Reading RG1 3BA
Shareholders' enquiries
If you have an enquiry about the Company's business, or about
something affecting you as a shareholder (other than queries which
are dealt with by the registrars), you should contact the Company
Secretary by letter to the Company's registered office or by email
to info@cohortplc.com.
Share register
Link Asset Services maintains the register of members of the
Company.
If you have any questions about your personal holding of the
Company's shares, please contact:
Link Asset Services
Shareholder Solutions
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: 0871 664 0300 (calls are charged at 12 pence per
minute plus your phone provider's access charge). (From outside the
UK: +44 371 664 0300; calls will be charged at the applicable
international rate.) Lines are open 9.00am to 5.30pm, Monday to
Friday, excluding public holidays in England and Wales.
Email: shareholderenquiries@linkgroup.co.uk
If you change your name or address or if details on the envelope
enclosed with this report, including your postcode, are incorrect
or incomplete, please notify the registrars in writing.
Daily share price listings
The Financial Times - AIM, Aerospace and Defence
The Times - Engineering
The Daily Telegraph - AIM section
London Evening Standard - AIM section
Financial calendar
Annual General Meeting
20 September 2021
Final dividend payable
27 September 2021
Expected announcements of results for the year ending 30 April
2021
Preliminary full year announcement
July 2021
Half year announcement
December 2021
Registered office
Cohort plc
One Waterside Drive
Arlington Business Park
Theale
Reading RG7 4SW
Registered company number of Cohort plc
05684823
Cohort plc is a company registered in England and Wales.
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END
IR KZMGZRLFGGZM
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