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Cohort
Cohort (CHRT) investor relations material
Cohort Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary14 Jan, 2026
Financial performance and outlook
Revenue reached a record £128.8m for the first half, with profit in line with expectations and a robust order intake of £122.3m, maintaining an order book over £600m.
Adjusted operating profit declined slightly to just under £10m, as anticipated after a record prior period, and adjusted EPS fell to 16.16p.
Operating cash outflow was £27.9m due to working capital build and capex, resulting in net debt of £32.5m; net funds are expected to align with previous year-end expectations.
Interim dividend increased by 10% to 5.8p, reflecting board confidence in future prospects.
Full-year expectations remain unchanged, with 96% of external revenue forecast covered by the order book.
Divisional performance and strategic initiatives
Communications and intelligence division saw revenue rise 13% to £62.5m, with EM Solutions making a strong maiden contribution and MASS and EID also performing well.
Sensors and effectors division experienced margin pressure due to mix, but Chess returned to profitability and ELAC completed its new facility.
SEA's net margin declined due to lower-margin work, but order cover is 98% and a stronger second half is expected.
EID is expected to return to profitability for the year, with significant orders anticipated from the Portuguese Navy.
EM Solutions is now fully integrated, contributing the largest profit among group businesses and expanding the group's presence in Australia.
Market environment and growth opportunities
Heightened global security risks and increased defense spending in Europe and Asia-Pacific are driving demand for defense technology.
NATO and UK commitments to raise defense spending, along with new technology adoption, underpin long-term demand.
The group is investing in R&D and future technologies, with opportunities in underwater infrastructure protection, electronic warfare, and secure communications.
Strategic investments include new facilities in Germany and Canada, and a memorandum of understanding with Hanwha Ocean for the Thai Navy program.
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Next Cohort earnings date
H2 202617 Jul, 2026
Cohort
Next Cohort earnings date
H2 202617 Jul, 2026
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Frequently asked questions
Cohort PLC is a UK-based defense and security company that provides technology solutions, products, and services to government and industry clients. The company operates through a group of subsidiaries, each specializing in areas such as electronic warfare, cybersecurity, military communications, simulation, and systems engineering. Cohort serves armed forces, intelligence agencies, and other defense-related organizations, primarily in the UK and international markets. The company is headquartered in Reading, United Kingdom, and its shares are listed on the AIM.
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