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Cohort shares drop as H1 profits, order intake decline
(Sharecast News) - Shares in Cohort dropped sharply on Wednesday after the tech group reported a small drop in first-half profits as weaker margins offset an improvement on the top line, while order intake declined compared with last year. The company, which operates in the defence, security and related markets, reported an adjusted operating profit of £9.7m for the six months to 31 October, down from £10.1m the year before, with the net margin falling to 7.5% from 8.6%.
"As expected, adjusted operating profit was slightly short of last year's record performance due to the margin mix in Sensors and Effectors," said chair Nick Prest.
Revenues were up 9% at £128.8m, though order intake slumped to £122.3m from £139.2m.
The company ended the period with a closing order book of £604.5m, marginally below the year-end record of £616m, with £145m deliverable in the second half.
"Together with H1 revenues, this covers 94% of consensus forecast revenue for the full financial year. As of early December, this cover was 96%," the firm said.
The stock was down nearly 7% at 1,018p by 0904 GMT.
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