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LONDON (Alliance News) - Cohort PLC reported a small decline in pretax profit for its recently ended financial year, and said that its acquisition of a controlling interest in a Portuguese defence business provides a "good start" for the defence technology firm's year ahead.
Cohort separately announced it completed its acquisition of a 57% stake in Empresa de Investigacao e Desenvolvimento de Electronica SA, or EID, for EUR10.7 million.
For the year to end-April, Cohort reported a pretax profit of GBP5.3 million, down from GBP5.9 million the year before, as a rise in revenue to GBP112.6 million from GBP99.9 million was offset by amortisation of GBP6.4 million, and costs related to acquisitions.
Revenue growth was helped by a strong performance from its SEA business, and a full year contribution from Marlborough Communications Ltd.
Cohort proposed a final dividend of 4.1 pence per share, taking its total dividend for the year to 6.0p, up from 5.0p the year before.
Cohort said its closing order book of GBP116.0 million, as well as a number of expected long-term order renewals, provide it with a solid underpinning for the coming year.
It noted it was "too early to quantify" the impact of the UK's vote to leave the European Union, but noted any short-term hit was likely to be driven by changes to UK government priorities and spending.
"The management emphasis is now on driving further growth, supported by a continuing strong funding position. The recently completed acquisition of a controlling interest in EID provides a good start to the year ahead, and the board considers that Cohort's order book and near-term prospects provide a good base for future progress," said Chairman Nick Prest in a statement.
Shares in Cohort were up 3.8% at 301.15 pence Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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