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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.
Executive summary
Achieved record revenue of £270.0m, up 33% year-over-year, and record adjusted operating profit of £27.5m, up 30%, reflecting strong business momentum and successful integration of acquisitions.
Adjusted EPS rose 27% to 54.44p, exceeding expectations.
Order book reached a record £616.4m, providing strong visibility out to 2037 and covering 79% of expected revenue for the year.
Robust operating cash flow of £51.2m and net funds of £5.3m at year-end, supported by effective working capital management.
Dividend increased by 10% to 16.3p, marking the fifth consecutive year of growth.
Financial highlights
Revenue grew 33% to £270.0m; adjusted operating profit up 30% to £27.5m; adjusted EPS up 27%.
Operating cash flow more than doubled to £51.2m.
Net margin slightly declined from 10.4% to 10.2%, expected to rebound above 11% next year.
Net funds decreased to £5.3m from £23.1m due to acquisitions and capex, but projected to improve to £10–15m by April 2026.
Total dividend up 10% to 16.3p.
Outlook and guidance
Order book at year-end is the strongest ever, with 85% revenue cover for the current year and a 19% year-over-year increase.
Book-to-bill ratio above one, supporting continued revenue and profit growth expectations and improved EPS.
Net margin expected to improve to over 11% in 2025/26.
Market demand remains robust due to heightened geopolitical tensions and increased defense spending in Europe, Japan, and Australia.
Multiple opportunities identified across all divisions, especially in NATO and Asia-Pacific markets.
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