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Investing.com -- Cohort (LON:CHRT) reported fiscal year 2025 results on Thursday that were in line with market expectations, with revenue and profit growth driven by strong organic growth in its Communications and Intelligence segment and a three-month contribution from recently acquired EM Solutions.
The defense technology group said revenue reached £245 million, matching analyst consensus, while adjusted operating profit came in at £27.6 million. Adjusted earnings per share hit 46.1p, also meeting expectations.
Net margin dipped slightly to 10.2% from 10.4% last year.
Cohort’s order intake grew 12% year-over-year to £285 million, excluding an £80 million order book acquired with EM Solutions. This resulted in a book-to-bill ratio of 1.1x. The company’s order book reached a record £615 million, representing 2.5 times annual sales.
Net debt came in better than expected at just over £5 million, significantly ahead of market forecasts. The company also announced the post-year-end sale of its small Transport division for approximately £8 million, with completion expected by June 30, 2025.
"Whilst we were hoping for a beat on earnings, the better than expected net debt is positive, and with order cover up to 80% for FY26E (57% in 1H 25 and 73% on average), we think there is a good chance for upgrades. We continue to think Cohort offers earnings upgrade potential, with momentum supported by order wins, stronger execution and optionality from M&A," RBC analysts said in a note.
Looking ahead, Cohort maintained its outlook for fiscal 2026, with market consensus projecting sales of £282 million, a 15% YoY increase, and adjusted earnings per share of 55.9p.