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29 Jun 17. Lockheed Martin Ventures is making a strategic investment in Terran Orbital, an expert in nanosatellite design, development, manufacturing, testing and launch. The investment will create opportunities for the companies to share their expertise and customer relationships to advance this emerging technology.
“Terran brings established customer relationships across a broad range of civil, military, commercial and classified customers,” said Chris Moran, executive director and general manager of Lockheed Martin Ventures. “The opportunity to invest in a nanosat leader allows us to address our customer’s increasing interest in rapid, responsive and cost effective technology missions and demonstrations.”
The agreement includes cash and in-kind investments for an equity stake in Terran. Lockheed Martin has partnered with Terran in the past on Department of Defense and NASA missions. This investment will allow for an expansion of that relationship.
“An equity investment by Lockheed Martin allows us to grow our business while further solidifying our relationship with the leader in aerospace and defense to provide a broader range of innovative solutions to our customers,” said Tony Previte, CEO of Terran Orbital.
While Lockheed Martin has provided funding to venture stage companies since 2007, it refocused in 2016 to longer term, strategic investments in technology innovations that could drive growth in existing, adjacent and new markets for Lockheed Martin. The fund invests primarily in early-stage companies, and its technology priorities include autonomous systems and robotics, cyber security, artificial intelligence, advanced electronics and sensor technologies.
29 Jun 17. COHORT PLC, Final results for the year ended 30 April 2017. Solid overall progress in a year of significant change and contrasts
Cohort plc today announces its final results for the year ended 30 April 2017.
• Performance benefited from the expanded portfolio of the Group
O Strong initial contribution from EIS and growth at MCL
o Flat performance at MASS and SEA
o Poor performance at SCS prior to its successful reorganisation at half year
•Strong order intake for the year of £108.6m (2016: £94.8m)
*Adjusted earnings per share increased 3%
•Dividend progression maintained, at 18% for the year
•Minority of MCL acquired, taking holding to 100% from 31 January 2017
•Net funds, as expected, down on last year
* Excludes exceptional items, amortisation of other intangible assets and non-trading exchange differences, including marking forward exchange contracts to market.
• Larger order book provides a strong underpinning for revenue in the coming year
• Net funds and bank facility provide resources for investment and acquisitions
• Acquisition of further 23% of EID expected
Commenting on the results, Nick Prest CBE, Chairman of Cohort plc said: “Cohort again improved its performance in the year, achieving record adjusted operating profit. A strong initial contribution from EID and growth at MCL offset flat performances at MASS and SEA. The poor performance at SCS was partly mitigated by the reorganisation at the half year with a positive contribution from the transferred operating businesses of SCS in the second half. Recent contract wins have given a positive start for the year and the Board considers that Cohort’s order book and near-term prospects provide a good base for future progress.”
29 Jun 17. Cohort taps into richer product mix. In a year of mixed determinants, defence company Cohort(CHRT) managed to drive the gross margin by around 480 basis points despite flatlining revenue. Excluding amortisations and one-offs, the defence group delivered recor