Cohort shares drop as H1 profits, order intake decline.

Shares in Cohort dropped sharply on Wednesday after the tech group reported a small drop in first-half profits as weaker margins offset an improvement on the top line, while order intake declined compared with last year.

Cohort
10 December 2025 09:08:05

Source: Sharecast

The company, which operates in the defence, security and related markets, reported an adjusted operating profit of £9.7m for the six months to 31 October, down from £10.1m the year before, with the net margin falling to 7.5% from 8.6%.

"As expected, adjusted operating profit was slightly short of last year's record performance due to the margin mix in Sensors and Effectors," said chair Nick Prest.

Revenues were up 9% at £128.8m, though order intake slumped to £122.3m from £139.2m.

The company ended the period with a closing order book of £604.5m, marginally below the year-end record of £616m, with £145m deliverable in the second half.

"Together with H1 revenues, this covers 94% of consensus forecast revenue for the full financial year. As of early December, this cover was 96%," the firm said.

The stock was down nearly 7% at 1,018p by 0904 GMT.

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