Unaudited Results for the six months ended 31 October 2014

Published 15th December 2014

Cohort plc, the independent technology group, today announces its unaudited results for the six months ended 31 October 2014.

Highlights include:

Adjusted* operating profit up 34% at £2.5m (2013: £1.8m).
Revenue up 13% to £37.6m (2013: £33.2m).
Acquisitions of a majority of Marlborough Communications Ltd (MCL) and J+S Ltd (J+S) completed in period adding £38m to the Group’s order book.
In addition to orders acquired, order intake of £64.5m (2013: £35.7m), up 80%.
Strong closing order book of £146.6m (30 April 2014: £81.7m).
Net funds of £6.7m (31 Oct 2013: £13.6m; 30 April 2014: £16.3m) after net acquisition spend of £16.6m.
Interim dividend increased by 14% to 1.6p per share (2013: 1.4p per share).
Adjusted* earnings per share 39% higher at 5.50p (2013: 3.97p).

Looking forward:

£44.1m of 31 October 2014 order book is deliverable in the second half and when added to the recently announced orders of 8 December 2014 underpin 88% of the consensus forecast revenue for the full year.
Prospects for further order intake in the second half across the Group are encouraging.

* Adjusted figures exclude the effects of marking forward exchange contracts to market value, amortisation of other intangible assets and exceptional items.

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

“It is pleasing to report that as well as growing organically, Cohort made two significant acquisitions during the first half of this year. We acquired a majority stake in MCL, which has joined Cohort as a fourth member of the Group, and our subsidiary SEA acquired J+S, which is being fully integrated into its existing operations.”

“The Group’s order book of £146.6m, enhanced further by recent contract wins, underpins a significant proportion of the second half revenue. Cohort is well positioned to make progress in the current financial year and beyond.”