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Cohort (CHRT) investor relations material
Cohort H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary18 Jul, 2025
Executive summary
Achieved record revenue of £270.0m, up 33% year-over-year, and record adjusted operating profit of £27.5m, up 30%, with adjusted EPS rising 27% to 54.44p, all ahead of expectations.
Order book reached a record £616.4m, providing strong visibility out to 2037 and covering 79% of expected revenue for the coming year.
Robust operating cash flow of £51.2m and net funds of £5.3m at year-end, despite acquisitions and CapEx.
Board declared a final dividend of £0.1105, bringing the total dividend to £0.163 (16.30p), a 10% increase year-over-year and the fifth consecutive annual increase.
Achieved record operating profit, revenue, and closing order book, reflecting strong business momentum and successful execution of strategy.
Financial highlights
Revenue grew 33% to £270.0m, adjusted operating profit increased 30% to £27.5m, and adjusted EPS rose 27% to 54.44p.
Operating cash flow more than doubled to £51.2m, supporting a positive net cash position.
Net margin slightly declined from 10.4% to 10.2% due to revenue mix, but is expected to rebound above 11% next year.
Sensors and Effectors division revenue up over 20% to £145.1m, with SEA achieving record performance and ELAC improving revenue and margins.
Communications and Intelligence division revenue grew 50% to £124.9m, with a 65% increase in adjusted operating profit, driven by MCL and EM Solutions.
Outlook and guidance
Strong order book underpins revenue for 2025/26, with over 90% cover in Sensors and Effectors.
Net margin for Sensors and Effectors expected to recover to 11% as SEA's mix improves and Chess recovers.
Full-year contribution from EM Solutions anticipated to drive higher revenue and margins in Communications and Intelligence.
Adjusted EPS for 2025 and 2026 now expected to be ahead of previous guidance.
Strong demand outlook driven by increased global defense spending and robust pipelines across divisions, especially in NATO and Asia-Pacific markets.
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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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