**Summary of Cohort PLC Half-Year Results for the Six Months Ended 31 October 2025**
Cohort PLC, an independent technology group, reported robust performance for the first half of its fiscal year 2025/26, with key financial and operational highlights as follows
### **Financial Highlights**
**Revenue Growth**Revenue increased by 9% to £128.8 million compared to £118.2 million in the same period last year.
**Adjusted Operating Profit**Marginally lower at £9.7 million (2024: £10.1 million), with a net margin of 7.5% (2024: 8.6%).
**Adjusted Earnings Per Share (EPS)**Decreased to 16.16 pence (2024: 20.00 pence) due to higher weighted share capital.
**Order Intake**£122.3 million (2024: £139.2 million), representing 0.9x the periods revenue (2024: 1.2x).
**Order Book**Sustained at a strong level of £604.5 million (30 April 2025: £616.4 million).
**Interim Dividend**Increased by 10% to 5.80 pence per share (2024: 5.25 pence), reflecting confidence in growth prospects.
**Net Debt**£32.5 million at 31 October 2025, compared to net funds of £37.9 million in October 2024 and £5.3 million in April 2025, due to planned capital expenditure and working capital build.
### **Operational Highlights**
**Revenue Drivers**Strong contributions from EM Solutions (acquired in January 2025) and increases across all Group businesses except MCL, which had a record result in the comparative period.
**Communications and Intelligence Division**: Delivered a 23.2% increase in adjusted operating profit on a 13.2% revenue increase, with a net margin of 16.8% (2024: 15.5%).
**Sensors and Effectors Division**Net margin of 4.8% (2024: 8.3%), impacted by higher low-margin deliveries on the Italian sonar programme and the sale of SEAs Transport business.
**Order Intake**Strong performance at MASS, Chess, and SEA, particularly in Electronic Warfare Operational Support.
### **Looking Forward**
**Order Book Coverage**The £604.5 million order book includes over £145 million of revenue deliverable in H2, covering 94% of consensus forecast revenue for the full year, which increased to 96% by early December.
**Full-Year Outlook**Unchanged, with increased delivery in both divisions expected to contribute to full-year growth in Group profit and adjusted EPS.
**Organic Growth**Positive outlook for organic growth in the coming years, supported by healthy demand in core defence markets.
### **Chairmans Statement**
Nick Prest CBE, Chairman of Cohort, highlighted the Groups increased revenue performance, sustained strong order book, and the Boards confidence in growth prospects, as reflected in the increased interim dividend. He emphasized the expectation of stronger operational leverage in H2 and the Groups commitment to achieving mid-teen percent operating margins in the coming years.
### **Dividend and Governance**
**Interim Dividend**5.80 pence per share, payable on 17 February 2026.
**Governance**Continued progress on ESG initiatives, including ISO 14001 accreditation for several subsidiaries and carbon reduction plans.
### **Conclusion**
Cohort PLC demonstrated resilience and growth in the first half of 2025/26, with a strong order book, increased revenue, and strategic acquisitions contributing to its performance. The Group remains optimistic about its full-year outlook and long-term growth prospects in the defence and security markets.
| Metric | 2024 (Six Months Ended 31 Oct) | 2025 (Six Months Ended 31 Oct) | Change |
|---|---|---|---|
| Revenue (£m) | 118.2 | 128.8 | +9% |
| Adjusted Operating Profit (£m) | 10.1 | 9.7 | -4% |
| Adjusted Earnings per Share (pence) | 20.00 | 16.16 | -19% |
| Order Intake (£m) | 139.2 | 122.3 | -12% |
| Order Book (£m) | 616.4 (as of 30 Apr 2025) | 604.5 | -2% |
| Net Debt (£m) | 37.9 (net funds) | 32.5 (net debt) | N/A |
| Interim Dividend (pence per share) | 5.25 | 5.80 | +10% |