Updates

Cohort

February 2025

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares registered a new high of 1220p after Cohort announced interims well ahead of expectations. H1 revenues rose 25% to £118.2m (vs Shore Cap’s £105m forecast) with operating profit increasing 68% to £10.1m (£9m forecast). Adjusted eps rose 93% to 20.0p. Net cash was £37.9m (excluding the £40m fund raise for the EM Solutions acquisition) while the dividend was hiked 10% to 5.25p. Driven largely by increased MoD spend the Communications and Intelligence arm was the star, increasing profit 40% to £8.5m on sales up a quarter to £55.2m, with operating margins jumping from 13.7% to 15.5%. In Sensors and Effectors, profit more than doubled from £2.3m to £5.3m on sales up c. 50% to £64.2m. The outlook for organ ...

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Begbies Traynor

Trader Portfolio 2 - February '25

Cohort - Shares hit high of 1086p after acquisition (January 2025)

Cohort - Shares hit record high of 950p (November 2024)

Cohort - Path to mid teens EBT margins (from 10.4%) not in forecasts (September 2024)

Cohort - Shares hit 853p (July 2024)

Cohort - Shares up 170p in ‘24 after huge contract win (May 2024)

Cohort - In-year order intake 1.3x turnover (February 2024)

Cohort - Exciting play on growing defence spend (September 2023)

Cohort - Leader in defence technical services with eye on acquisitions (June 2006)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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