Half Year 2026 Cohort PLC Earnings Call Transcript
Key Points
- Cohort PLC (FRA:C7K) reported a record revenue of GBP128.8 million for the first half of the year.
- The company has a strong order book of GBP604.5 million, covering 96% of external revenue forecasts for the year.
- The interim dividend was increased by 10%, reflecting the board's confidence in the group's prospects.
- The acquisition of EM Solutions has been successfully integrated, contributing significantly to group profit.
- Cohort PLC is well-positioned to capitalize on increased defense spending due to geopolitical tensions and technological advancements.
- Adjusted operating profit saw a small decline to GBP9.7 million, despite record revenue.
- Adjusted earnings per share decreased to 16.16p, indicating a drop in profitability.
- The company experienced an operating cash outflow of GBP27.9 million, resulting in a net debt position of GBP32.5 million.
- Revenue from the UK Ministry of Defense is expected to fall below 50% of the group's overall revenue.
- There are challenges in logistics and supply of critical materials, particularly affecting MCL and Chess divisions.
Right, well, good morning to anyone I haven't said good morning to already. Let's make a start. Well, thank you very much for joining us this morning. For anyone who doesn't know, I'm Andy Thomas. I'm the chief executive at cohort PLC. I'm here with Simon Walther, cohort's finance director, to take you through our results for the six month period ended 31st of October this year.
By way of background, cohort is a group of 7 businesses providing technology-based defense products and services to the UK and to its allies around the world.
Our business model aims to maximize the autonomy and independence of our businesses, consistent with good financial and regulatory governance, and that means that decisions are taken quickly and close to the customer. It maximizes agility and innovation while supporting our businesses with a strong balance sheet and the market reach that we have as a group.
So today I'm going to start by giving you the highlights from the 1st 6 months of the year. Simon will then provide more detail, including a
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