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Cohort H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary10 Dec, 2025
Executive summary
Revenue increased 9% year-over-year to a record £128.8m for the first half, with profits in line with expectations and a robust order book covering up to 96% of full-year revenue forecasts.
Adjusted operating profit declined to £9.7m from £10.1m, mainly due to margin mix in Sensors and Effectors, but full-year expectations remain unchanged.
EM Solutions made a significant maiden contribution, offsetting declines at MCL and becoming the largest profit contributor.
Interim dividend increased by 10% to 5.80p per share, reflecting board confidence in growth prospects.
Net debt at period end was £32.5m, due to planned capex and working capital build ahead of record H2 deliveries.
Financial highlights
Adjusted earnings per share for the six months decreased to 16.16p from 20.00p; effective tax rate was 15.5%–16.8%.
Operating cash outflow of £27.9m due to working capital build and capital expenditure.
Capital expenditure included £7m on ELAC's new facility, with total project spend of £21m over three years.
Order intake was £122.3m, maintaining a robust order book of £604.5m.
Interim dividend increased by 10% to 5.80p.
Outlook and guidance
Full-year expectations for revenue and profit remain unchanged, with a much stronger second half anticipated.
Order book covers 96% of consensus forecast revenue for the full year.
Net funds at year-end expected to be £10m–£15m, in line with previous guidance.
Full-year net margin expected around 12%.
Medium-term organic growth outlook is positive, underpinned by strong demand in core defence markets.
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Frequently asked questions
Cohort PLC is a UK-based defense and security company that provides technology solutions, products, and services to government and industry clients. The company operates through a group of subsidiaries, each specializing in areas such as electronic warfare, cybersecurity, military communications, simulation, and systems engineering. Cohort serves armed forces, intelligence agencies, and other defense-related organizations, primarily in the UK and international markets. The company is headquartered in Reading, United Kingdom, and its shares are listed on the AIM.
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