Cohort (CHRT) Q4 2026 TU earnings summary

Executive summary

• Revenue reached £303m and adjusted operating profit was approximately £36m, both ahead of market expectations for the year ended 30 April 2026.

• Strong order intake of around £313m, exceeding in-year revenue, with a record closing order book of about £620m.

• Communications and Intelligence division drove performance, notably with a full-year contribution from EM Solutions.

• Net funds at year-end were £2.9m, reflecting a significant turnaround from a net debt position at the half-year.

Financial highlights

• Revenue grew 12% year-over-year to £303m; adjusted operating profit was about £36m.

• Net margin improved to 11.9% from 10.2% the previous year.

• Closing net funds were £2.9m, down from £5.3m last year, but up from a net debt position at H1.

• Order intake increased by 10% year-over-year, totaling £313m.

Outlook and guidance

• Order book underpins approximately £253m of current market revenue expectations for the new financial year, providing about 80% cover.

• Management expresses confidence in a strong 2026/27 financial year, supported by high order cover and a robust balance sheet.