Shares in Cohort saw a significant increase on Wednesday following the announcement that the company’s pretax profit and revenue had risen for fiscal 2023. The company’s divisions reported higher revenue growth, and Cohort also revealed that it had entered fiscal 2024 with a record order book of £329.1 million.
At 0742 GMT, shares were up by 10%, or 44.50 pence, reaching 490 pence.
For the year ending April 30, the U.K. defense company reported a pretax profit of £13.9 million, compared to £10.2 million for fiscal 2022. Additionally, revenue saw a substantial increase from £137.8 million to £182.7 million.
As part of their financial report, the board recommended a final dividend of 9.15 pence per share. This brings the total dividend for the year to 13.40 pence per share, up from 12.20 pence in the previous year.
Cohort highlighted that it has secured orders until 2032, with positive prospects for further long-term orders in its naval systems and support work. Among these orders are those from the U.K.’s Ministry of Defence.
The company’s order book for fiscal 2024 currently covers £140 million, which accounts for 80% of revenue expectations. Cohort emphasized that it had not revised its expectations for the year and remains confident in its outlook.
“We are optimistic about the group’s progress in 2024-25, given our current orders for long-term delivery and the opportunities within our pipeline,” stated the company.