Cohort plc announces its final results for the year ended 30 April 2018

Published 3rd July 2018

Cohort plc today announces its final results for the year ended 30 April 2018. Highlights include:

  2018 2017 %
Revenue £111.8m £112.7m (1)
Adjusted operating profit* £15.6m £14.5m 8
Adjusted profit before tax* £15.5m £14.5m 7
Statutory profit before tax £9.9m £1.0m -
Basic earnings per share 19.87p 9.09p 118
Adjusted earnings per share* 30.00p 27.93p 7
Net funds £11.3m £8.5m 33
Order book (closing) £102.5m £136.5m (25)
Proposed final dividend per share 5.65p 4.90p 15
Total dividend per share 8.20p 7.10p 15
  • Overall results in line with expectations, performance benefited from growth at EID and MASS
    • Another strong performance from EID
    • Return to growth at MASS
    • Flat performance at MCL
    • Weaker performance at SEA. Business to be restructured in 2018/19 to improve performance going forward
  • Lower order intake of £76.6m (2017: £108.6m), was substantially due to delays rather than losses or lack of opportunities, and there is a larger than normal concentration of opportunities in 2018/19
  • Adjusted operating profit increased 8% and equivalent earnings per share increased 7%
  • Dividend increased by 15%
  • Further 23% of EID acquired, taking Group holding to 80%
  • Net funds up on last year to £11.3m (2017: £8.5m)

*Excludes exceptional items, amortisation of other intangible assets and non-trading exchange differences, including marking forward exchange contracts to market.

Looking forward:

  • Order book, order intake since year end and pipeline of prospects provide a reasonable underpinning for revenue in the coming year
  • Important order opportunities in 2018/19
  • Net funds and bank facility provide resources for investment and acquisitions

Commenting on the results, Nick Prest CBE, Chairman of Cohort plc said:

“Cohort again improved its performance in the year, achieving record adjusted operating profit. A strong contribution from EID and a return to growth at MASS, with MCL steady, offset a weaker performance at SEA. Some restructuring at SEA in 2018/19 will improve its performance. The closing order book of £102.5m, together with recent contract wins, provides a reasonable underpinning for the current year. MASS, EID and MCL are all in discussions with customers about large orders, and a reasonable measure of success in relation to these prospects is important for our future performance.”