Research on Cohort plc (CHRT:LON) from Equity Development
In a Trading Update for the year to 30 April 2026, Cohort reports revenue of £303m, +12%YoY, and (adj.) operating profit of c.£36.0m, 11.9% margin, ahead of market expectations. Order intake was strong, at £313m compared to £284m in FY25, whilst the order book underpins c.£253m (c.80%) of FY27 market consensus revenue outlook. The closing order book posted a new record of £620m (FY25: £615m). Order intake, up 10%YoY, was particularly strong at EID, MASS and EM Solutions (C&I division), and at Chess and SEA (S&E). The on-order revenue horizon extends into the mid-2030s. Revenue in the Communications & Intelligence division was £159m, (+27%YoY, FY25: £125.4m) with an operating margin of c.20% (FY25: 16.8%). In the Sensors & Effectors division revenue was £144m, (-1%YoY, FY25: £147.1m), with an operating margin of c.7.0% Inclusive of this extremely encouraging update we retain our outlook: FY26 results due on 15th July will provide a detailed opportunity to further review. Our Fair Value remains 1,930p/share.
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