Cohort plc - Final Results for the year ended 30 April 2017

Published 29th June 2017

Cohort plc today announces its final results for the year ended 30 April 2017. Highlights include:

  2017 2016 %
Revenue £112.7m £112.6m
Adjusted operating profit* £14.5m £11.9m 22
Adjusted profit before tax* £14.5m £12.0m 21
Statutory profit before tax £1.0m £5.3m (81)
Basic earnings per share 9.09p 19.14p (53)
Adjusted earnings per share* 27.93p 27.18p 3
Net funds £8.5m £19.8m (57)
Order book (closing) £136.5m £116.0m 18
Proposed final dividend per share 4.9p 4.1p 20
Total dividend per share 7.1p 6.0p 18
  • Performance benefited from the expanded portfolio of the Group
  • Strong initial contribution from EID and growth at MCL
  • Flat performance at MASS and SEA
  • Poor performance at SCS prior to its successful reorganisation at half year
  • Strong order intake for the year of £108.6m (2016: £94.8m)
  • Adjusted earnings per share increased 3%
  • Dividend progression maintained, at 18% for the year
  • Minority of MCL acquired, taking holding to 100% from 31 January 2017
  • Net funds, as expected, down on last year

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

Looking forward:

  • Larger order book provides a strong underpinning for revenue in the coming year
  • Net funds and bank facility provide resources for investment and acquisitions
  • Acquisition of further 23% of EID expected

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 initial contribution from EID and growth at MCL offset flat performances at MASS and SEA. The poor performance at SCS was partly mitigated by the reorganisation at the half year with a positive contribution from the transferred operating businesses of SCS in the second half. Recent contract wins have given a positive start for the year and the Board considers that Cohort’s order book and near-term prospects provide a good base for future progress.”

A presentation for analysts is being hosted today 29 June 2017 at 9.15am for 9.30am at MHP Communications’s offices, 6 Agar Street, London, WC2N 4HN