Revenues surge at Reading-based defence technology firm Cohort – The Business Magazine

Reading-based technology group Cohort plc has  announced its half year results.
The AIM-listed company’s results, for the six months ended 31 October 2022, showed a strong first half for the firm, with a record closing order book and a 29% increase in revenue to £77.5m.
The interim dividend was also increased by 10% to 4.25 pence per share, reflecting the Board’s confidence in the Group’s growth prospects.
READ MORE: Reading’s Cohort plc to supply Torpedo Launcher System to Philippine Navy
Adjusted operating profit for the period was £5.0m, a significant increase from the previous year’s £1.7m.
This was driven by higher revenue at Chess and MCL, as well as improved performance at MASS and SEA.
Order intake was £88.6m, with strong performances at Chess, MCL, and SEA. The closing order book was a record £304.2m.
Nick Prest CBE, Chairman of Cohort, said: “The first half has seen a welcome return to growth by the Group, with our order book underpinning most of the second half of this financial year. In line with previous experience we anticipate a stronger Group performance in the second half and thus remain on track to achieve our expectations for the full year.
“The Group’s order book has steadily increased over the last few years to what is now a record high. Its longevity has also increased with revenue now deliverable out to 2032. The pipeline of order opportunities for the remainder of the year also looks strong. Demand for our solutions and services continues to be driven by the UK’s increased spending on defence and security and by international tensions in the Asia-Pacific region and Europe. Overall, we continue to see a positive outlook for organic growth in the years ahead.”
READ MORE: Oxford’s Velocys awarded two UK Government grants totalling £29.5m
Cohort has headquarters in Reading, Berkshire and employs in total over 1,000 core staff there and at its other operating company sites across the UK, Germany and Portugal.
It  is the parent company of six 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.
Chess Technologies, through its operating businesses Chess Dynamics and Vision4ce, offers surveillance, tracking and fire-control systems to the defence and security markets.
EID designs and manufactures advanced communications systems for naval and military customers.
ELAC SONAR supplies advanced sonar systems and underwater communications to global customers in the naval marketplace.
MASS is a specialist data technology company serving the defence and security markets, focused on electronic warfare, digital services and training support.
MCL designs, sources and supports advanced electronic and surveillance technology for UK end users including the MOD and other government agencies.
SEA delivers and supports technology-based products for the defence and transport markets alongside specialist research and training services.
CAPTION: Reading’s Cohort plc confirmed this year that the will be supplying a Torpedo Launcher System to the Philippine Navy
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Post expires at 2:04am on Thursday March 16th, 2023

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