Cohort Regulatory News (CHRT)

COHORT PLC

("Cohort" or "the Group")

Full Year Trading Update

Revenue and adjusted operating profit ahead of expectations

Cohort, the independent technology Group, today provides a trading update for its financial year ended 30 April 2026.

Summary

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· Revenue of £303m and adjusted operating profit of c.£36m, both subject to audit, ahead of market expectations.

· Strong order intake of around £313m (2025: £284m), once again exceeding in-year revenue.

· Closing order book at a new record of c.£620m (30 April 2025: £615m).

· The order book underpins c.£253m of current market revenue expectations for the new financial year (30 April 2025: £230m) or c.80% cover.

· Closing net funds of £2.9m, (2025: £5.3m); new five-year bank facility of £175m in place.

FY26 year-end update

Cohort achieved 12% revenue growth and a net margin of 11.9% (2025: 10.2%). Both revenue and adjusted operating profit were ahead of market expectations.

The Group's Communications and Intelligence division saw growth in revenue to £159m (2025: £125.4m) and delivered a net margin of around 20% (2025: 16.8%). This result included a full year contribution from EM Solutions and was the driver of the Group's improved performance. The Sensors and Effectors division reported relatively flat revenue of £144m (2025: £147.1m) with a net margin of around 7% (2025: 8.6%). The lower net margin reflected continued prudent trading on ELAC's Italian sonar contract and the sale of SEA's high margin transport business in June 2025. All three businesses in the Sensors and Effectors division delivered positive trading profit in the year, but the low net margin remains below our mid-term target.

Cohort ended the year with net funds of around £2.9m, reflecting a strong cash performance in H2, a significant turnaround from the £32.5m net debt position at the H1 reporting point. This was slightly below our expectations due to some significant receipts slipping into the first quarter of 2026/27 financial year with over £6m being received in early May.

Order intake was c.10% higher than last year, with particularly good performances from EID, MASS and EM Solutions, within Communications and Intelligence, and at Chess and SEA in Sensors and Effectors. Total order intake again exceeded revenue for the year (2025: 1.1x) following a number of important wins during the year, including the award of a €42.3m contract to EID to deliver Integrated Communication Systems to the Portuguese Navy. As a result, the closing order book was around £620m, a record high, with on-order revenue extending out to the mid-2030's.

Notice of FY26 results

These are expected to be released on 15 July 2026.

Andrew Thomis, Chief Executive of Cohort, said:

"Cohort performed strongly in 2025/26, exceeding market expectations. Following another year of strong order intake, our closing order book has reached a new record level, and we have encouraging prospects for further orders.

"I'm particularly pleased with the strong maiden full year contribution from EM Solutions. The business has made good progress in capturing opportunities for growth and collaboration with other Cohort subsidiaries.

"Our strong balance sheet and liquidity provides a robust platform from which to continue to invest in the business while considering further targeted acquisitions.

"The high level of order cover provides confidence in a strong 2026/27 financial year."

Market expectations

The consensus market expectations for the full year ended 30 April 2026 were £34.7m of adjusted operating profit on £293.9m of revenue, and adjusted earnings per share of 58.9 pence.

ENDS

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NOTES TO EDITORS

Cohort plc (www.cohortplc.com) is the parent company of seven innovative, agile and responsive businesses based in the UK, Australia, 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 1,600 core staff there and at its other operating company sites across the UK, Australia 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

· EM Solutions designs, assembles, tests, and supports satellite communications on-the-move terminals for defence and government customers. It also provides high-end broadband radio transceivers and other RF Subsystems such as low noise receivers and solid-state high-power transmitters for defence and commercial customers. Acquired by Cohort in January 2025. www.emsolutions.com.au

· 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

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