Cohort Share Discussion Threads

[edmonda] 13/12/2023 07:33

"Strong H1 24 results backed by a record order book"

For the six months to 31 October 2023 Cohort reported revenue of £94.3m, +22%YoY, EBIT (adj.) of £6.0m, +20%YoY and (adj.) EPS of 10.36p (adj. dil., 10.33p). The closing order book further increased to £353.9m (FY23, £329.1m). With £90m of orders deliverable in H2 the Group reports that 95% of market consensus revenue outlook is covered, whilst the order book has longevity to 2033.

The net cash position was £13.3m compared to £15.6m at year-end FY23 and H1 23 net debt of £0.6m boosted by operating cashflow of £10.3m (H1 23: £7.7m). The Group raised the Interim dividend by 10% to 4.70p/share, maintaining the track record of progressive returns.

Cohort noted revenue growth in each division underpinned by UK MOD demand. Revenue in the Communications & Intelligence (C&I) division (EID, MASS and MCL) increased 32.3%YoY to £43.9m (46.3% of total). Revenue in the Sensors & Effectors (S&E) division (Chess Dynamics, ELAC Sonar and SEA) grew 14.7%YoY to £51.0m (53.7% of total).

Overall, these results confirm the all-important upward trend in orders and contract awards which in turn underpin revenue growth and visibility from operations which span the major theatres of defence operations. These interim results continue the pattern of order-led demand for Cohort’s expertise and services, linking the bigger picture issues that focus on defence to Group prospects.

Our Fair Value remains at 650p/share.

Link to report:

[robertball] 13/12/2023 07:05

Director change looks interesting...

[robertball] 05/12/2023 22:28

Maybe. Price north of £7.50?

[chrisdgb] 05/12/2023 09:15

Takenover in 24'............?

[robertball] 05/12/2023 08:08

Andrew's last sentence is always the same..?

[chrisdgb] 05/12/2023 08:05

Nice to see contract news.......

[johndoe23] 13/11/2023 09:09

483p to buy. I would like a spread bet here so then spread even worse

[stevenlondon3] 13/11/2023 08:32

I bought in recently at a time that someone/institution was selling...the spread was acceptable.

[chrisdgb] 13/11/2023 08:24

The spread is very irritating on this share.....

[tole] 27/9/2023 19:38

https://masterinvestor.co.uk/latest/small-cap-catch-up-bag-time-acrl-and-more/Cohort LON:CHRT) – MOD Boosted Order Book Giving Work To 2032Since the beginning of May this £209.1m group has secured over £90m of new orders, taking its current order book to £370m by the end of last week.I really like the mix of this group's companies, their products and services, within the defence and related markets sector.At yesterdays AGM the company stated that its order book now has business stretching out to 2032, while its pipeline for future contracts is looking very healthy.It continues to have a strong financial position with some £15.2m cash as at the end of August.Analysts Mike Jeremy and Andy Edmond at Equity Development have estimates for the year to end April 2024 for revenues of £188.1m (£182.7m), while adjusted pre-tax profits could come in at £18.7m (£17.7m), generating earnings of 36.2p (36.4p) per share but paying an increased 14.7p (13.4p) dividend.They have a 'Fair Value' on the shares at 650p, compared to last night's close of 504p.A solid Hold.

[edmonda] 26/9/2023 08:30

Agreed.

Equity Development note out - positive outlook remains unchanged, as does their Fair Value of 650p/share.

Read new note/hear summary here:

[chrisdgb] 26/9/2023 06:48

All looking good.......

[edmonda] 26/9/2023 06:43

a positive update ahead of their AGM:
an 'encouraging start' to the financial year, with FY expectations unchanged; order book on 22 Sept had reached £370m, giving revenue cover of 93% for FY.

[chrisdgb] 23/8/2023 08:21

Only frustration is that the quote can be quite jumpy.......

[edmonda] 23/8/2023 07:33

Agreed , good size at £17.5m and nice to see more UK client activity

As CEO says 'This is another significant win for SEA... and further underpins our order book' ✔️

Recent Equity Dev research note sees fair value/share at 650p:

[terminator101] 23/8/2023 06:55

Decent contract there ;-)

[chrisdgb] 23/8/2023 06:42

Nice looking contract..........

[johndoe23] 26/7/2023 10:24

Wonder if NT buying last week has acted as a short term accelerant? Not that results weren't very good...

[robertball] 26/7/2023 09:10

It's woken up after 3 years or torpor...

[chrisdgb] 26/7/2023 08:22

sector strong........

[robertball] 23/7/2023 09:30

Write up in FT

[robertball] 21/7/2023 22:00

Instead hold and enjoy the yield