Cohort PLC AGM Statement (6220J)
September 13 2016 - 1:00AM
UK Regulatory
TIDMCHRT
RNS Number : 6220J
Cohort PLC
13 September 2016
13 September 2016
COHORT PLC ("Cohort")
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 last year, achieving
record revenue, adjusted operating profit and closing net funds.
MASS, MCL and SEA all recorded growth in adjusted operating profit.
After some delay, the Group completed the acquisition of EID, a
Portugal based defence business. I take this opportunity to welcome
EID to the Group as our fifth operating business and look forward
to its positive contribution this coming year and thereafter.
The Group's order book stood at GBP128m as at 31 August 2016,
underpinning a higher proportion of our externally forecast revenue
for the year compared to this time last year. The pipeline of
orders beyond this and expected renewals give us confidence that
the overall performance for the year will be in line with
expectations, despite SCS's market in technical consultancy
remaining a challenge.
"The group's net funds as at 31 August 2016 stood at GBP14.4m.
The reduction in the Group's cash position since the year end was
as signalled in our final results statement, stemming from the
partial reversal of working capital inflow during a very strong
fourth quarter of last year. A further GBP9m is expected to be
spent in the rest of this financial year in acquiring a further 23%
of EID, taking our holding to 80%, and the remainder of the shares
(49.999%) of MCL, taking our holding to 100%.
"Our emphasis continues to be on driving further growth,
supported by a continuing strong funding position. We are pleased
to have started the year with the completion of the acquisition of
EID and the Board considers that Cohort's order book and near-term
prospects provide a good base for future progress".
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 / Jamie
Ricketts / Ollie Hoare
NOTES TO EDITORS
Cohort plc
Cohort is an independent technology group working primarily for
defence (air, land and sea), wider government and industry clients,
through five market-facing subsidiary companies:
MASS - a specialist systems house with a focus on electronic
warfare operational support, cyber defence and secure information
systems. Based in Cambridgeshire, MASS was acquired by Cohort in
August 2006;
MCL - an expert in sourcing, design and integration of
surveillance and other electronic systems, as well as field support
and training for the UK MOD and other government agencies. Based in
Surrey, MCL has been part of the Group since July 2014;
SCS - a defence technical advisory business, providing a range
of services, including independent technical evaluation of military
aircraft safety, and design and delivery of large and small scale
military training exercises. Owned by Cohort since flotation in
March 2006;
SEA - an advanced systems and software business operating in the
defence (naval systems, simulation, training and technology
research), transport and offshore energy market sectors. Acquired
by Cohort in October 2007.
EID - a Portugal based supplier of advanced electronics,
communications and command and control products and systems for the
global defence market, in which Cohort acquired a majority stake in
June 2016.
Cohort was admitted to London's Alternative Investment Market in
March 2006. It has its headquarters in Berkshire and employs in
total around 800 core staff there and at its other operating
company sites in Bristol, Cambridgeshire, Devon, Lincolnshire,
Somerset, Surrey, Scotland and Portugal.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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