Last checked at 26 Mar 2024 07:00
One Waterside Drive Arlington Business Park Reading Berks RG7 4SW
26 March 2024
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COHORT PLC
("Cohort", "the Company" or "the Group")
SEA Awarded £135m Royal Navy Countermeasures Contract
Cohort, the Independent Technology Group, is pleased to announce that its subsidiary Systems Engineering and Assessment Ltd (SEA) has been awarded a contract by the UK's Ministry of Defence to provide Electronic Warfare Countermeasures Increment 1a (EWCM 1a) to the Royal Navy.
The scope of work will include the provision and support of SEA's Trainable Decoy Launcher System, known as Ancilia, which also incorporates technology and hardware from Cohort's business Chess Dynamics Ltd. The total value of the contract to SEA is to be at least £135m. Work will commence immediately and is expected to continue for more than ten years. The contract includes a number of options which may increase its value and the period over which it will be delivered, subject to future decisions by the customer. Together with other recent order wins, the contract is expected to materially enhance the Group's earnings.
Ancilia delivers effective and rapid protection against modern anti-ship threats and sophisticated systems and tactics. It will be installed across a range of the Royal Navy's surface ships. Its design builds on SEA's deep knowledge of existing systems in service with the Royal Navy.
Andy Thomis, Cohort Chief Executive, said:
"This is a significant win for SEA and the Group, and the project will deliver greatly enhanced protection for the Royal Navy's surface ships against new and potent threat technologies.
"It represents a real vote of confidence in Ancilia, a fully UK designed and built solution, for which we see encouraging export prospects.
"Over the life of the project, we estimate it will sustain employment for 150 skilled and professional people in North Devon, and export success could see this increase further still."
Andy Thomis, Chief Executive, and Simon Walther, Finance Director, will host a short presentation for analysts and investors on Tuesday 26 March at 3:00pm. To join please follow the link here: https://brrmedia.news/CHRT_MA.
ENDS
For further information please contact:
Cohort plc |
0118 909 0390 |
Andrew Thomis, Chief Executive |
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Simon Walther, Finance Director |
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Emily McBride, Group Head of Marketing and Corporate Communications | |
Raquel McGrath, Company Secretary | |
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Investec Bank Plc (NOMAD and Broker) |
020 7597 5970 |
Carlton Nelson, Christopher Baird |
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MHP |
020 3128 8100 |
Reg Hoare, Ollie Hoare, Hugo Harris | cohort@mhpgroup.com |
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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.
Cohort (AIM: CHRT) was admitted to London's Alternative Investment Market in March 2006. It has headquarters in Reading, Berkshire and employs in total over 1,250 core staff there and at its other operating company sites across the UK, Germany, and Portugal.
The group is split into two segments - Communications and Intelligence, and Sensors and Effectors:
Communications and Intelligence
· EID designs and manufactures advanced communications systems for naval and military customers. Cohort acquired a majority stake in June 2016. www.eid.pt
· 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
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Sensors and Effectors
· Chess Dynamics offers surveillance, tracking and fire-control systems to the defence and security markets. Chess has been part of the Group since December 2018. www.chess-dynamics.com
· 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
· 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
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Note: No statement in this announcement is intended as a profit forecast, profit estimate or quantified benefits statement for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for Cohort for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Cohort.