Cohort (CHRT);FY results; performance in line with company expectation; operating profit up 8%

Published on 03-07-2018 07:37:12
Author Sparks Team

For the year ended 30 April 2018, CHRT’s revenue declined 1% y/y to £111.8m, while adjusted operating income grew 8% y/y to £15.6m. Order intake was lower at £76.6m (FY17 – £108.6m) primarily due to delays.

In terms of business, CHRT’s performance was aided by strong growth in EID (the company acquired another 23%, taking its stake to 80%) and return to growth in MASS. MCL was flat, while SEA was weak. Order intake was lower mainly due to delays rather than losses or lack of opportunities, and therefore, the company expects a larger than normal concentration of opportunities in FY19. Final dividend at 5.65p/share takes FY total dividend to 8.20p/share (FY17 – 7.10p/share).

Nick Prest CBE, Chairman of CHRT, said: “Cohort again improved its performance in the year, achieving record adjusted operating profit. A strong contribution from EID and a return to growth at MASS, with MCL steady, offset a weaker performance at SEA. Some restructuring at SEA in 2018/19 will improve its performance.”

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