Business
Half Year Results
Cohort PLC reported a robust performance for the six months ended 31 October 2025, with revenue increasing by 9% to £128.8 million, though adjusted operating profit saw a slight decrease to £9.7 million from £10.1 million in the prior year, resulting in a net margin of 7.5%. Adjusted earnings per share were 16.16 pence, down from 20.00 pence, reflecting a higher weighted share capital. The company maintained a strong order book of £604.5 million, with order intake at £122.3 million, and increased its interim dividend by 10% to 5.80 pence per share. Net debt stood at £32.5 million, an increase from £5.3 million in April 2025, due to planned capital expenditure and working capital build. The outlook for the full year remains unchanged, with increased deliveries expected to drive profit growth. Disclaimer*
About this update from Cohort Plc
[{"type":"text","content":"\n\n\n\n\n\nOne Waterside Drive\nArlington Business Park\nReading\nBerks\nRG7 4SW\n \n \n \n10 December 2025\n \n \n \n \n\n\n \n\n\n\n\n\n \nCOHORT PLC\n(\"Cohort\" or \"the Group\")\n \nHALF YEAR RESULTS\nFOR THE SIX MONTHS ENDED 31 OCTOBER 2025\n \n Robust performance with strong order book sustained\n Cohort plc, the independent technology group, today announces its half year results for the six months ended 31 October 2025.\n \nFinancial highlights\n• Revenue up 9% to £128.8m (2024: £118.2m).\n• Adjusted* operating profit marginally lower, as expected, at £9.7m (2024: £10.1m). A net margin of 7.5% (2024: 8.6%).\n• Adjusted* earnings per share of 16.16 pence (2024: 20.00 pence), reflecting the half's adjusted* operating profit and higher weighted share capital.\n• Order intake of £122.3m (2024: £139.2m), 0.9x the period's revenue (2024: 1.2x).\n• Sustained strong order book of £604.5m at 31st October (30 April 2025: £616.4m).\n• Interim dividend increased 10% to 5.80 pence per share (2024: 5.25 pence per share), reflecting the Board's confidence in the Group's growth prospects and continued commitment to our progressive dividend policy.\n• Net debt at 31 October 2025 of £32.5m as highlighted in the AGM Update announcement (31 October 2024: £37.9m net funds; 30 April 2025: £5.3m net funds), reflecting planned capital expenditure and working capital build ahead of record planned deliveries in H2.\n \nOperational highlights\n• The increased revenue was driven by a strong maiden first half contribution from EM Solutions and increases from all Group businesses except MCL (the latter following a record result in the comparative period in 2024).\n• The Communications and Intelligence division delivered a 23.2% increase in adjusted* operating profit on a 13.2% increase in revenue, a net margin of 16.8% (2024: 15.5%). The result included a maiden contribution from EM Solutions and stronger performances at MASS and EID.\n• The Sensors and Effectors division's net margin of 4.8% (2024: 8.3%) in part reflects the expected higher levels of low margin deliveries on the Italian...