Cohort PLC AGM Statement & First Quarter Update (1998M)
September 20 2021 - 2:00AM
UK Regulatory
TIDMCHRT
RNS Number : 1998M
Cohort PLC
20 September 2021
One Waterside Drive
Arlington Business Park
Reading
Berks
RG7 4SW
20 September 2021
COHORT PLC
("Cohort" or "the Group")
AGM STATEMENT & FIRST QUARTER UPDATE
Cohort, the independent technology group, is today holding its
Annual General Meeting (AGM) and accordingly issues the following
AGM Statement and first quarter update:
The Group entered the new financial year with a substantial
long-term order book of GBP242.4m, underpinning nearly GBP100m
(2020: GBP84m) of current financial year revenue, representing 64%
of expected consensus revenue for the year. Following order wins
since 1 May 2021 of over GBP85m, including recent contract wins for
ELAC (announced 7 July 2021), MASS (announced 9 September 2021),
SEA (announced 20 August 2021) and MCL (announced 6 August 2021),
the order book stood at just under GBP300m as at 16 September 2021,
with revenue cover now standing at 82%.
Cohort remains soundly financed: net funds at 31 August 2021
stood at GBP3.3m, compared to net funds of GBP2.5m at 30 April
2021. The Group's cash and readily available credit was just over
GBP43m at 31 August 2021 providing significant financing headroom
for current anticipated commitments and to consider any corporate
activity.
Progress since the beginning of the financial year has been good
across most of the Group. However, some of the delays to certain
aspects of our work that were highlighted at the time of the
Group's preliminary results issued on 27 July 2021 have persisted.
The underlying causes include extended negotiations with customers
and the various restrictions on travel, work and social interaction
and, in addition, global supply chain challenges, due to the
pandemic. Nevertheless, we continue to expect that our trading
performance for 2021/22 will be slightly ahead of that achieved for
the year ended 30 April 2021, and to have zero net debt at the year
end.
We remain optimistic that the Group will return to a higher rate
of growth in 2023/24, based on current orders for long term
delivery and our strong pipeline of opportunities.
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 / Christopher
Baird
MHP Communications 020 3128 8100
Reg Hoare / Pete Lambie /
Alex Janiaud
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. A
majority stake 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.
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END
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