Confident AGM statement: outlook maintained

In today’s AGM statement, Cohort noted the strength of record FY25 performance and expectations for growth in FY26 remaining, with the usual seasonal H2 weighting. Following contract wins since the start of FY2026 of over £60m, the order book on 20 September 2025 stood at over £590m, giving revenue cover of consensus FY26 estimated revenue of nearly 90%. Q1 saw a strong contribution from EM Solutions that was offset by reduced activity at MCL, the latter having enjoyed notably strong levels last year. There was also a weaker mix at both ELAC and SEA (which includes the sale of the latter’s transport business in May 2025). The combination of planned capital expenditure, including the completion of ELAC SONAR’s new facility in Kiel and the...