Updates

Cohort

January 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Cohort’s H1 was as expected. Overall, sales were up by a third to £49.7m with adjusted operating profit up 40% to £3.5m. Eps was up 29% to 7.1p.The process to acquire EID, the Lisbon-based defence business, is still trundling along having been delayed due to competition clearance and elections in Portugal. Cohort is expected to buy 57% shortly and will purchase the government’s minority stake as and when it can. Progress in this period was therefore driven primarily by SEA and MASS.MASS’ margins gyrate fairly widely (between 10% and 20%) given the range of work and H1 saw more sales of higher margin electronic warfare operational support export contracts and a decline in lower margin education sa ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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