Cohort reported a revenue of £118.23m ($150.50m) for the first half ended 31 October 2024 (H1), reflecting a 25% increase from £94.30m in the same period a year ago.  

This growth was attributed to higher sales to the UK Ministry of Defence (MoD), particularly within the Communications and Intelligence division.  

Both divisions saw gains in adjusted operating profit, with the Sensors and Effectors division more than doubling its previous year's results. 

Adjusted operating profit for the period increased to £10.1m, up 69% compared to £6.0m in the first half of 2023 and reflecting a net margin of 8.5%.  

During H1, Cohort's gross profit reached £38.25m, up from £31.15m a year earlier.  

Profit before tax rose to £8.50m, from £3.66m in the same period in 2023.  

Basic earnings per share (EPS) were £17.55 in H1 2024, up from £7.46 in H1 2023. Diluted EPS stood at £17.34, compared to £7.44 a year earlier. 

The firm reported a robust increase in orders, totaling £139.2m, up from £119.1m the previous year, culminating in an unprecedented order book value of £541.1m.  

The company's revenue from existing contracts is projected to continue into the mid-2030s. Notably, the Communications and Intelligence segment experienced a surge in orders, approximately £80m, following the confirmation of long-pending contracts with the Portuguese Navy. 

In November 2024, Cohort announced a conditional agreement to acquire EM Solutions, with the acquisition expected to be completed soon.  

This acquisition is anticipated to increase adjusted EPS in the first full financial year of ownership (2025/26) and beyond.  

Additionally, Cohort completed the acquisition of Interactive Technical Solutions, which has been integrated into the Communications and Intelligence division. 

Cohort chairman Nick Prest said: “Cohort delivered a much stronger performance in the first half compared to the same period last year, with growth in both revenue and adjusted operating profit. Continued strong order intake has driven a record closing order book which underpins most of the second half of this financial year. In line with previous experience we anticipate a stronger performance in the second half and we remain on track to achieve our expectations for the full year.” 

The group's outlook for the current year remains stable, with expectations of stronger performance in the second half driven by increased activity in the Sensors and Effectors division.