Cohort cashes in on defence boom with record year for orders
Aim-listed defence group Cohort has reported a record year for orders as it cashed in on a global boom in military spending.
The firm said it secured a closing order book of £518.7m last year, its highest ever and stretching to at least 2037.
“Based on trading and order intake to date, we expect the first half trading performance to be significantly ahead of the same period last year,” Cohort said in a statement to markets.
It added that there was significant optimism about future prospects for new orders, “given the demand for our products and services” from both domestic and export customers.
Cohort has won around £120m worth of contracts this year to date. The group’s EID subsidiary, which manufacturers and designs advanced military communications systems, has been awarded a £27m Nato contrct to supply the Portugeuse army.
Net funds for the full-year are expected to come in slightly lower than the £23.1m reported last year, largely to due to the increase in spending required to support its record order book.
Cohort’s growth signals the wider surge in defence spending across the globe is unlikely to slow any time soon.
Giants like BAE Systems and Lockheed Martin have raked in huge profit in recent years following Vladimir Putin’s invasion of Ukraine and renewed conflict in the Middle East.
Shares in Cohort are up over 50 per cent this year to date.