Final results for the FY ended 30 April 2016

Published 28th June 2016

Cohort plc today announces its final results for the year ended 30 April 2016. Highlights include:

  2016 2015 %
Revenue £112.6m £99.9m 13
Adjusted operating profit* £11.9m £10.1m 18
Adjusted profit before tax* £12.0m £10.2m 18
Adjusted earnings per share* 27.18p 20.45p 33
Statutory profit before tax £5.3m £5.9m (11)
Net funds £19.8m £19.7m 1
Order book (closing) £116m £134m (13)
Basic earnings per share 19.14p 14.04p 36
Proposed final dividend per share 4.1p 3.4p 21
Total dividend per share 6.0p 5.0p 20


  • Organic revenue and adjusted operating profit growth of 5% and 13% respectively
  • Adjusted earnings per share increased 33%
  • Full year contributions from MCL and J+S (both acquired in 2014/15)
  • Net funds maintained at the level of the strong position of last year
  • New bank facility for £25m agreed in the year
  • Order intake for the year was £94.8m (2015: £114.3m)

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

Looking forward:

  • Order book provides a strong underpinning for revenue in the coming year
  • Strong net funds and new bank facility provide resources for investment and acquisitions
  • Acquisition of 57% of EID completed and immediately earnings enhancing in 2016/17

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

“Cohort again improved its performance in the year, achieving record revenue, adjusted operating profit and closing net funds. MASS, MCL and SEA all recorded growth in adjusted operating profit.
“The management emphasis is now on driving further growth, supported by a continuing strong funding position. The recently completed acquisition of a controlling interest in EID provides a good start to the year ahead 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 28 June 2016 at 9.15am for 9.30am at Investec’s offices.