Cohort plc (LSE:CHRT) reported record financial results for the year ended 30 April 2026, with revenue increasing 13 percent to 306.4 million pounds and adjusted operating profit rising 32 percent to 36.3 million pounds. The group’s adjusted operating margin improved to 11.8 percent, while adjusted earnings per share increased 14 percent. Order intake reached 314.2 million pounds, exceeding annual revenue for another year, and the company increased its dividend by 10 percent, marking its twentieth consecutive year of dividend growth.
Record order book supports future growth
Cohort ended the financial year with a record order book of 618.8 million pounds, extending through to 2037. Following contract awards secured after the year end, the order book now covers almost 88 percent of expected market revenue for the 2026 to 2027 financial year.
Growth was led by the Communications and Intelligence division, which benefited from the first full year contribution from EM Solutions. Performance in the Sensors and Effectors division remained broadly stable during the year.
Financial flexibility strengthened
The company renewed and significantly expanded its banking facilities, increasing available funding to 175 million pounds with an additional 50 million pound accordion facility. Management said the enhanced financing provides greater flexibility to support future investment, acquisitions and long-term growth.
Cohort also noted that trading and earnings exceeded market expectations, supported by strong international demand for defence technologies. Ongoing conflicts in Ukraine and the Middle East, rising geopolitical tensions in the Asia-Pacific region and increased NATO defence spending continue to drive customer demand across its markets.
Positive outlook backed by strong pipeline
Management reiterated its target of delivering double-digit earnings growth during the 2026 to 2027 financial year and the following two years. The company is also targeting around 120 million pounds of cash generation before capital expenditure and dividend payments over the same period.
The combination of a record order book, improving margins and healthy demand provides a strong foundation for continued expansion in global defence technology markets.
About Cohort plc
Cohort plc is a UK-based defence technology company listed on AIM that develops communications, intelligence, surveillance, sonar and defence systems for military and government customers.
The group operates through seven subsidiaries across the United Kingdom, Australia, Germany and Portugal and is organised into two main divisions: Communications and Intelligence, and Sensors and Effectors. Its businesses supply secure communications, electronic warfare systems, sonar technology, surveillance equipment and fire control solutions to customers across NATO countries and international defence markets.
Cohort employs more than 1,700 people and has increased its dividend every year since its stock market listing in 2006, reflecting its long-term focus on defence technology and disciplined financial management.
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