Last checked at 27 Jun 2019 07:00
27 June 2019
COHORT PLC ("Cohort")
NOTICE OF FINAL RESULTS
CHANGE OF DATE
Cohort, the independent technology group, will be announcing its final results for the year ended 30 April 2019 on Tuesday 23 July 2019. This is a change of date from that originally advised (2 July).
The Group has decided to allow for extra time to complete the audit of the results, reflecting the impact of the acquisition of Chess Technologies (Chess) on 12 December 2018 (the Group's largest acquisition to date) and the greater complexity around the introduction of IRFS15 (Revenue from Contracts with Customers).
The Board believes the delay in completing the audit does not reflect any issues concerning the underlying trading or economic position of the Company. The Board confirms that it believes the Group's financial performance for the financial year ended 30 April 2019 has been consistent with its expectations, including Chess since its acquisition. Order intake during the year totalled a record £189.9m. Net debt as at the year end stood at £6.4m, significantly lower than anticipated (having paid initial cash consideration of £20.1m for Chess in December 2018).
There are no matters in connection with the delay in completing the audit which, in the view of the Board, need to be brought to the attention of shareholders.
As previously stated, Cohort management will be hosting a presentation for analysts on the day of announcing its final results. Please contact MHP Communications for further information.
Ends
For further information, please contact:
Cohort plc | 0118 909 0390 | |
Andrew Thomis, Chief ExecutiveSimon Walther, Finance Director | ||
Investec Bank plc | 020 7597 5970 | |
Daniel Adams / Christopher Baird / Richard Short | ||
MHP Communications Limited | 020 3128 8100 | |
Reg Hoare / Ollie Hoare / Luke Briggs |
NOTES TO EDITORS
Cohort plc (www.cohortplc.com) is the parent company of five innovative, agile and responsive businesses based in the UK 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 systems and technologies for detecting, tracking, classifying and disrupting naval, land and air threats. It was acquired by Cohort plc in December 2018. www.chess-dynamics.com & www.vision4ce.com
EID designs and manufactures advanced communications systems for the defence and security markets. Cohort acquired a majority stake in June 2016. www.eid.pt
MASS is a specialist defence and technology business, focused on electronic warfare, information systems and cyber security. Acquired by Cohort in August 2006. www.mass.co.uk
MCL - an expert in sourcing, design and integration of communications and surveillance technology, as well as support and training 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 is an advanced electronic systems and software house operating in the defence, transport and offshore energy markets. 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 its headquarters in Reading, Berkshire and employs in total around 900 core staff there and at its other operating company sites across the UK and in Portugal.