Cohort ends FY25 with record closing order book

Independent technology group Cohort said on Thursday that it had wrapped up the year ended 30 April with a record closing order book, driven by strong growth throughout the period, in line with expectations.

Cohort said positive closing net funds exceeded £5.0m, significantly ahead of expectations, as it maintained a strong balance sheet and liquidity position following its £75.0m acquisition of EM Solutions and associated £41.0m fundraising.

The AIM-listed group also reported "strong order intake" of roughly £285.0m, with the comparable FY24 figure of £387.0m including "an exceptionally large" Royal Navy order of £135.0m. Excluding this large naval order, the increase was 12%.

Cohort's closing order book of approximately £615.0m represented a new record for the group and underpins roughly £230.0m of current market revenue expectations for FY26 or around 80% cover of current market expectations.

Chief executive Andrew Thomis said: "Cohort achieved strong growth in revenue and profits in 2024/25, in line with market expectations. Following another year of strong order intake and the recent acquisition of EM Solutions, we have a record closing order book and encouraging prospects for further orders.

"Our strong balance sheet and liquidity provides a robust platform from which to continue to invest in the business while considering selective acquisitions. We expect to continue our strong organic growth in 2025/26 and beyond."

As of 0910 BST, Cohort shares were down 2.12% at 1,517.20p.

Reporting by Iain Gilbert at Sharecast.com