23rd Jul 2020 19:08
(Alliance News) - Cohort PLC on Thursday lifted its dividend and reported improved annual earnings despite taking a slight hit from Covid-19.
Cohort is a Reading-based parent company of five businesses which provide a wide range of services and products for British, Portuguese and international customers in defence, security and related markets.
In the year ended April 30, revenue rose 8.2% to GBP131.1 million from GBP121.2 million. Pretax profit jumped 76% to GBP10.0 million from GBP5.7 million.
Cohort raised its payout by 11% to 10.10 pence per share from 9.10p.
It did, however, explain that Covid-19 hurt its revenue by GBP3 million and adjusted operating profit by GBP1 million.
Adjusted operating profit for the year came in at GBP18.2 million, up 12% from GBP16.2 million.
"Cohort continued to make good progress in 2020, achieving a record adjusted operating profit despite the impact of Covid-19 restrictions in the last two months of our financial year," the company said.
"Following order wins since the start of the financial year of over GBP50 million, some of which we announced recently, our order book cover now stands at 75% of current financial year consensus revenue."
Shares in the company closed 2.5% higher at 585.41p each in London on Thursday.
By Eric Cunha; [email protected]
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