Cohort (LSE:CHRT) reported stronger-than-expected results for the year ended 30 April 2026, with revenue increasing 12% to approximately £303 million and adjusted operating profit reaching around £36 million. Both figures came in ahead of market forecasts. The group’s net margin improved to 11.9%, while Cohort ended the financial year with net funds of £2.9 million following a significant recovery in cash generation during the second half. The company also secured a new £175 million five-year banking facility to support future growth.
Performance was led by the Communications and Intelligence division, where revenue rose to £159 million and operating margins approached 20%, helped by a full-year contribution from EM Solutions. In contrast, the Sensors and Effectors division reported broadly flat revenue and lower margins, remaining below the group’s medium-term profitability targets. Order intake increased by roughly 10% to £313 million, lifting the total order book to a record £620 million. Management said the backlog now provides coverage for around 80% of expected revenue for the 2026/27 financial year, creating a strong platform for additional investment opportunities and potential acquisitions.
The company’s outlook is primarily supported by strong financial performance, including healthy revenue growth and a conservatively leveraged balance sheet. Technical indicators also remain supportive, reflecting positive momentum and trend strength, although elevated RSI and stochastic readings suggest the shares may face some near-term volatility. Valuation metrics are less favourable due to the company’s relatively high price-to-earnings ratio and modest dividend yield.
More about Cohort plc
Cohort plc (LSE:CHRT) is an AIM-listed defence technology group headquartered in Reading, employing more than 1,600 people across the UK, Australia, Germany and Portugal. Through its Communications and Intelligence and Sensors and Effectors divisions, the company provides advanced communications systems, electronic warfare technologies, surveillance equipment, sonar systems and wider defence and security services to customers globally.
Its Communications and Intelligence operations include EID, EM Solutions, MASS and MCL, which specialise in naval and military communications, satellite communications terminals, surveillance systems and data technologies. The Sensors and Effectors division comprises Chess Dynamics, ELAC SONAR and SEA, supplying surveillance and fire-control systems, underwater sonar technologies and broader defence solutions for both domestic and export markets.
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