Source - SMW
Cohort's order book and near-term prospects provide a good base for future progress, shareholders at the annual general meeting today will be told.

Chairman Nick Prest will say: "Cohort again improved its performance last year, achieving record revenue, adjusted operating profit and closing net funds.  MASS, MCL and SEA all recorded growth in adjusted operating profit.  After some delay, the Group completed the acquisition of EID, a Portugal based defence business.  

"I take this opportunity to welcome EID to the Group as our fifth operating business and look forward to its positive contribution this coming year and thereafter.

"The Group's order book stood at £128m as at 31 August 2016, underpinning a higher proportion of our externally forecast revenue for the year compared to this time last year.  

"The pipeline of orders beyond this and expected renewals give us confidence that the overall performance for the year will be in line with expectations, despite SCS's market in technical consultancy remaining a challenge.

"The group's net funds as at 31 August 2016 stood at £14.4m.  The reduction in the Group's cash position since the year end was as signalled in our final results statement, stemming from the partial reversal of working capital inflow during a very strong fourth quarter of last year.  

"A further £9m is expected to be spent in the rest of this financial year in acquiring a further 23% of EID, taking our holding to 80%, and the remainder of the shares (49.999%) of MCL, taking our holding to 100%.

"Our emphasis continues to be on driving further growth, supported by a continuing strong funding position. We are pleased to have started the year with the completion of the acquisition of EID and the Board considers that Cohort's order book and near-term prospects provide a good base for future progress."

At 9:04am: (LON:CHRT) Cohort PLC share price was 0p at 310p