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LONDON (Alliance News) - Cohort PLC on Tuesday posted significantly increased annual profit due to the reorganisation and elimination of losses from its SCS business.
In its financial year ended April 30 the aerospace and defence company recorded a pretax profit jump to GBP9.9 million from just GBP964,000 the year before.
Cohort's revenue, conversely, dropped 1% to GBP111.8 million from GBP112.7 million. The company said this revenue decrease was offset by the lack of a loss from SCS, which was reorganised in late 2016.
Cohort made no loss from SCS in its most recent year whereas GBP2.6 million of Cohort's loss the year before was associated with the business. The company's loss on the amortisation of other intangible assets was GBP5.3 million, less than half its GBP11.3 million loss the year before.
Including these figures Cohort's administrative expenses totalled GBP29.4 million, almost a third less than its GBP38.0 million expenses the year before.
The company will pay an 8.20 pence per share full year dividend, up 15% from 7.10p the year before.
Cohort's EID division contributed GBP19.1 million in revenue compared to GBP16.0 from the ten month period the year before.
MASS Consultants Ltd, another of Chort's businesses, returned to growth in the company's most recent year with revenue of GBP37.5 million, up from GBP32.5 million the year before.
Malborough Communication Ltd, Cohort's other business, contributed GBP17.4 million in revenue, up from GBP14.8 million the previous year.
Only Cohort's SEA Ltd business saw a drop in revenue. Its full year revenue fell to GBP37.8 million from GBP44.4 million.
"Cohort again improved its performance in the year, achieving record adjusted operating profit. A strong contribution from EID and a return to growth at MASS, with Malborough Communication steady, offset a weaker performance at SEA. Some restructuring at SEA in 2018/19 will improve its performance," said Chairman Nick Prest.
"The closing order book of GBP102.5 million, together with recent contract wins, provides a reasonable underpinning for the current year," he added.
Shares in Cohort were down 2.2% at 357.00 pence on Tuesday.
