Cohort (CHRT)

Sector:

Defense and Aeronautics

Index:

FTSE AIM All-Share

830.00p
   
  • Change Today:
    -8.00p
  • 52 Week High: 838.00
  • 52 Week Low: 443.00
  • Currency: UK Pounds
  • Shares Issued: 41.27m
  • Volume: 79,327
  • Market Cap: £342.56m
  • RiskGrade: 133

Cohort reports record full-year revenue and adjusted profit

By Josh White

Date: Tuesday 27 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Cohort reported record revenue and adjusted operating profit in its preliminary results on Tuesday, despite an estimated Covid-19 impact of £6m on group revenue and £0.2m on adjusted operating profit.
The AIM-traded firm said its revenue was up 9% year-on-year for the 12 months ended 30 April, at £143.3m, while its adjusted operating profit was ahead 2% at £18.6m.

It reported better-than-expected cash performance, but said adjusted earnings per share were down 9% at 33.63p, due to an expected higher tax charge.

Order intake improved to £180.3m, from £124.2m in 2020, with an additional £50m of orders won since year-end.

The board confirmed a 10% rise in the total dividend for the year, to 11.1p per share.

On a divisional basis, Cohort said MASS was its main profit contributor, although it was down "slightly" from its record high last year, while it noted a "strong" performance improvement at EID.

MCL returned to growth, and the initial five-month contribution from ELAC was ahead of expectations, though the board noted weaker results at Chess and SEA.

Defence revenue from non-UK ministries of defence exceeded the UK for the first time, reflecting both the higher sales at EID and Chess, where a "much greater proportion" of sales were to export markets, and the initial contribution of ELAC.

The acquisition of ELAC was completed in December, with the transaction adding a "profitable and growing" sixth standalone business to the group.

"Cohort continued to make progress in 2021, achieving a record adjusted operating profit and revenue," said chairman Nick Prest.

"MCL and EID both posted an increase in profit and we benefited from an initial five-month contribution from ELAC.

"These positive movements were partly offset by weaker performances at SEA, Chess and, to a small extent, MASS."

Prest said the group had entered the new financial year with a "substantial" long-term order book, with the 30 April total of £242.4m underpinning nearly £100m of in-year revenue, representing 64% of the consensus forecast.

Following further contract awards of more than £50m since the start of the financial year, that cover now stood at 70%.

"Looking forward, we expect that strong performance across most of the group in the 2022 financial year will be partly offset by a weaker year at EID," Prest explained.

"Overall, we expect to achieve continued growth, albeit at a modest level, and to have zero net debt at the year end.""

Prospects for the 2023 financial year, meanwhile, depended on order progress in the current year, Nick Prest said.

"We are optimistic that the Group will return to a higher rate of growth in 2024, based on current orders for long-term delivery, and our strong pipeline of opportunities."

At 1419 BST, shares in Cohort were up 3.81% at 512.8p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Cohort Market Data

Currency UK Pounds
Share Price 830.00p
Change Today -8.00p
% Change -0.95 %
52 Week High 838.00
52 Week Low 443.00
Volume 79,327
Shares Issued 41.27m
Market Cap £342.56m
RiskGrade 133

Cohort Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
83.36% below the market average83.36% below the market average83.36% below the market average83.36% below the market average83.36% below the market average
60% below the sector average60% below the sector average60% below the sector average60% below the sector average60% below the sector average
Price Trend
96.18% above the market average96.18% above the market average96.18% above the market average96.18% above the market average96.18% above the market average
45.45% above the sector average45.45% above the sector average45.45% above the sector average45.45% above the sector average45.45% above the sector average
Income
48.43% below the market average48.43% below the market average48.43% below the market average48.43% below the market average48.43% below the market average
42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average42.86% below the sector average
Growth
19.51% above the market average19.51% above the market average19.51% above the market average19.51% above the market average19.51% above the market average
80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Cohort Dividends

  Latest Previous
  Interim Final
Ex-Div 04-Jan-24 24-Aug-23
Paid 13-Feb-24 03-Oct-23
Amount 4.70p 9.15p

Trades for 24-May-2024

Time Volume / Share Price
16:35 2,429 @ 830.00p
16:35 136 @ 830.00p
16:35 434 @ 830.00p
16:35 107 @ 830.00p
16:35 107 @ 830.00p

Cohort Key Personnel

Chair Nicholas Martin Prest
CEO Andrew Stephen Thomis
Finance Director Simon Walther

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