Cohort PLC AGM Statement (0194Q)

TIDMCHRT

RNS Number : 0194Q

Cohort PLC

07 September 2017

07 September 2017

COHORT PLC

("Cohort" or "the Group")

AGM Statement & First Quarter Update

Cohort, the independent technology group, is today holding its Annual General Meeting. The Chairman, Nick Prest, will make the following remarks to the meeting:

"Cohort again improved its performance in the most recent financial year, achieving record adjusted operating profit. This result was driven primarily by a strong maiden contribution from EID and improved performance at MCL. In the course of the year, we acquired a controlling stake in EID, took our ownership of MCL to 100% and restructured SCS by transferring its operating divisions to MASS and SEA.

"Important contract awards announced since the final results in June include:

   --     EID to supply Integrated Communications Systems to the Portuguese Navy; 
   --     SEA to provide Torpedo Launcher Systems for the Southeast Asian market; and 
   --     MCL to supply further Hearing Protection and Communication Ancillaries to the UK MOD. 

"Including these awards, the Group's order book stood at GBP149m as at 31 July 2017, underpinning a slightly higher proportion of our externally forecast revenue for the year compared to this time last year. Our pipeline of orders and expected renewals give us confidence that the overall performance for the year will be in line with the Board's expectations.

"The Group's net funds as at 31 August 2017 stood at GBP8.8m, slightly higher than that announced at the time of the final results in June. This is after the impact of the payment made in August of the final instalment of GBP2.5m to MCL's former shareholders under the terms of the acquisition agreement.

"Our emphasis continues to be on driving further growth, supported by a continuing strong funding position. An improved closing order book position, taken together with orders received in the new financial year to date and a good pipeline of further prospects across the Group's divisions, provide a solid base for this year and beyond."

Ends

For further information, please contact:

 
Cohort plc                 0118 909 0390 
Andrew Thomis, Chief 
 Executive 
 Simon Walther, Finance 
 Director 
 
Investec Bank plc          020 7597 5970 
Keith Anderson / Daniel 
 Adams 
 
MHP Communications 
 Limited                   020 3128 8100 
Reg Hoare / Ollie 
 Hoare 
 

NOTES TO EDITORS

Cohort is the parent company of four 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.

MASS is a specialist defence and technology business, focused on electronic warfare, information systems and cyber security.

www.mass.co.uk

MCL is an expert in the sourcing, design, integration and support of communications and surveillance technology for the defence and security markets.

www.marlboroughcomms.com

SEA is an advanced electronic systems and software house operating in the defence, transport and offshore energy markets.

www.sea.co.uk

EID designs and manufactures advanced communications systems for the defence and security markets.

www.eid.pt

This information is provided by RNS

The company news service from the London Stock Exchange

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September 07, 2017 02:00 ET (06:00 GMT)