Business
Preliminary Results
Preliminary Results.
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 \n19 July 2023\n\n\n \n\n\n\n\n\n \nCOHORT PLC\nUNAUDITED PRELIMINARY RESULTS\nFOR THE YEAR ENDED 30 APRIL 2023\n \nRecord operating profit, revenue and order book. Further progress expected.\n \nCohort plc today announces its unaudited results for the year ended 30 April 2023.\n \n\n\n\n\n\n\n\n2023\n \n\n\n2022\n \n\n\n%\n \n\n\n\n\nRevenue\n\n\n£182.7m\n\n\n£137.8m\n\n\n33\n\n\n\n\nAdjusted operating profit1\n\n\n£19.1m\n\n\n£15.5m\n\n\n23\n\n\n\n\nAdjusted earnings per share1\n\n\n36.48p\n\n\n31.08p\n\n\n17\n\n\n\n\nNet funds2\n\n\n£15.6m\n\n\n£11.0m\n\n\n42\n\n\n\n\nOrder intake\n\n\n£220.9m\n\n\n£186.4m\n\n\n19\n\n\n\n\nOrder book (closing)\n\n\n£329.1m\n\n\n£291.0m\n\n\n13\n\n\n\n\nProposed final dividend per share\n\n\n9.15p\n\n\n8.35p\n\n\n10\n\n\n\n\nTotal dividend per share\n\n\n13.40p\n\n\n12.20p\n\n\n10\n\n\n\n\n \n\n\n\n\nStatutory\n \n\n\n2023\n \n\n\n2022\n \n\n\n%\n \n\n\n\n\nStatutory profit before tax\n\n\n£13.9m\n\n\n£10.2m\n\n\n36\n\n\n\n\nBasic earnings per share\n\n\n27.92p\n\n\n22.55p\n\n\n24\n\n\n\n\n \n \nHighlights include:\n \n• Record adjusted operating profit of £19.1m (2022: £15.5m) on record revenue of £182.7m (2022: £137.8m)\n• Growth in both reporting divisions:\no Especially strong performance from within the Communications and Intelligence division, driven by significant uplift in UK MOD activity at MCL.\no Improved performance within Sensors and Effectors, with Chess delivering better operational performance.\n• Net funds higher than market expectations at £15.6m (2022: £11.0m) with continuing robust cash generation.\n• Dividend increased by 10%; the dividend has been increased every year since the Group's IPO in 2006.\n \n1 Excludes exceptional items, amortisation of other intangible assets, research and development expenditure credits and non-trading exchange differences, including marking forward exchange contracts to market.\n2Excludes IFRS 16 lease liabilities.\n \nLooking forward:\n• Strong order intake of £220.9m (2022: £...