11th Sep 2018 13:37
LONDON (Alliance News) - Cohort PLC on Tuesday said that despite a "tight" UK defence market its order book continued to grow in the first quarter of its financial year 2019.
The technology company told its annual general meeting it achieved a record adjusted operating profit in the three months to the end of June, helped by strong contribution from high-tech arm EID.
Meanwhile, Cohort subsidiary MASS, which operates in the defence, security and education markets, returned to growth.
The electronics systems division Systems Engineering & Assessment Ltd had a weaker performance, as a result Cohort said it intends to restructure the business to improve its performance.
Corhort said its order book at the end of June stood at GBP104.5 million, up from GBP102.5 million at the end of April.
Looking forward, Cohort said it continues to seek acquisition opportunities to support its organic growth.
"Although the UK defence market remains tight, the Cohort businesses have strong and relevant capabilities, established positions on some key long-term UK Ministry of Defence programmes, and a good pipeline of new opportunities and export prospects," said Chairman Nick Prest.
Shares in Cohort were trading 7.5% lower on Tuesday at 370.05 pence each.
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