Cohort PLC AGM Statement (0194Q)
07 September 2017 - 4:00PM
UK Regulatory
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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