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25 Jun 15. Cohort plc announced its final results for the year ended 30 April 2015. Highlights include:
• Organic revenue and adjusted operating profit growth of 22% and 17% respectively
• First time contributions from acquisitions of MCL and J+S
• Order intake for the year was £114.3m (2014: £68.5m) plus £38m from MCL and J+S combined
• Net funds increased despite £17m spent during the year on acquiring MCL and J+S
* Excludes exceptional items, amortisation of other intangible assets and exchange differences on marking forward exchange contracts to market.
• Good order book substantially underpinning revenue for current year
• Strong net funds provide resources for investment and acquisitions
Commenting on the results, Nick Prest CBE, Chairman of Cohort plc said: “Cohort once again improved its performance in the year, achieving record revenue, adjusted operating profit and closing cash. The underlying businesses of MASS, SCS and SEA all recorded growth in revenue and adjusted operating profit, and the result also benefited from the two acquisitions made in the year. The management emphasis is now on driving further growth both organically and by acquisition, supported by a continuing strong funding position. The Board considers that Cohort’s order book and near-term prospects provide a good base for future progress.”
24 Jun 15. Ultra Electronics Holdings plc, Pre Close Trading Statement. Ultra, the international defence, security, transport and energy group, issued a Pre Close Trading Statement, ahead of its Interim Results for 2015. Overall, conditions in Ultra’s markets remain as noted on 2 March 2015 in the 2014 preliminary results announcement and expectations for the full year remain unchanged. We continue to anticipate that performance will be more weighted toward the second half.
As anticipated, the uncertainty surrounding the US fiscal year 15/16 budget and the potential of a Continuing Resolution in relation to Government appropriations continues to impact US defence revenues. Further, recent challenges to the Patriot Act are impacting revenues from our US Sotech business and as previously advised, the Oman contract termination is impacting cash. Despite the headwinds, order intake for the first half is expected to result in a book to bill ratio close to one and our recent acquisitions are performing well.
Ultra’s balance sheet remains strong. The acquisition of the Electronics Products Division of Kratos for up to $265m announced on 1 June 2015 is to be financed using Ultra’s existing facilities and a new term loan. The transaction will be earnings accretive during the first full year. Net debt/EBITDA following the transaction will be within Ultra’s guided range and is expected to be comfortably below 2x by 2016 financial year end. There have been no other significant changes to the financial position of the Group from that reported on 2 March 2015.
Ultra will make its interim results announcement for the six months ending 30 June 2015 on 3 August 2015.
Notice of Capital Markets Event:
New Organisational Structure & Update on Business Efficiencies Initiative
Ultra held an investor and analyst event to explain new market segmentation and divisional reporting structures as well as details of its Standardisation & Shared Services initiative. A copy of the slides and script being presented will be placed on the Group’s website.
* The business activities within Ultra have been segmented to better reflect the markets that the Group addresses. We have identified eight market segments: Aerospace; Communications; C2ISR; Infrastructure; Land; Maritime; Nuclear and Underwater Warfare. The Group’s Cyber capability will run across all