Cohort (CHRT) H2 2024 earnings summary

Executive summary

• Achieved record revenue of £202.5m (up 11% year-over-year), record operating profit over £21m, and a record closing order book near £520m at year-end, now exceeding £580m post-year-end.

• Adjusted EPS rose 18% to 42.89p, reflecting strong operational performance.

• Robust net funds over £23m and operating cash flow of £22.2m support a 10% dividend increase.

• Surpassed key milestones: revenue above £200m and profit above £20m for the first time.

• Record order intake (£392m) and closing order book (£518.7m) provide visibility out to 2037.

Financial highlights

• Adjusted operating profit and adjusted EPS reached record levels at just over £21m and £0.429, respectively.

• Gross margin improved to 37.7% from 35.6% year-over-year.

• Book-to-bill ratio exceeded 1.9, supporting future growth.

• Net funds inflow from operations was £22.6m, up from £15.9m last year.

• Capital expenditure increased to £6.7m; dividend payments rose to £5.6m.

Outlook and guidance

• Over 95% of consensus forecast revenue for the current year already on order.

• Growth expectations maintained for 2024/25, with upside from the ITS acquisition.

• R&D spend up 26% year-over-year, with further increases expected as the business grows.

• CapEx guidance: £17m (mostly for German site), then £7m and £5m in subsequent years.

• Significant further progress targeted for 2025/26 and beyond.