Cohort (CHRT) H2 2025 Pre-Recorded earnings summary

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, exceeding expectations.

• Record closing order book of £616.4m, providing visibility out to 2037 and covering 79% of expected revenue for the next year.

• Strong order intake of GBP 285 million, with robust operating cash flow of £51.2m, supporting a positive net cash position despite acquisitions and facility investments.

• Board declared a final dividend of GBP 11.05 per share, total dividend for the year up 10% to GBP 16.30 per share, marking the 19th consecutive annual increase since IPO.

• Acquisition of EM Solutions enhanced growth and market access.

Financial highlights

• Revenue increased 33% to £270.0m compared to £202.5m last year, with organic growth contributing 30% in revenue and 19% in profit.

• Adjusted operating profit rose 30% to £27.5m; adjusted EPS up 27% to 54.44p.

• Operating cash flow more than doubled to £51.2m; net funds at year-end were £5.3m, down from £23.1m due to acquisitions.

• Book-to-bill ratio greater than one, indicating strong future growth prospects.

• Total dividend increased by 10% to 16.30p.

Outlook and guidance

• Order book now provides 85% revenue cover for the coming year, with >90% cover in Sensors and Effectors and strong pipeline supported by geopolitical tensions and increased global defence spending.

• Revenue and profit growth expectations maintained for the next year, with EPS and net margin expected to improve to over 11%.

• Continued investment in R&D and new facilities to drive innovation and performance improvements.