Research on Cohort plc (CHRT:LON) from Equity Development
In a statement to accompany today’s AGM, Cohort reports that trading in the year to date has been consistent with the Board’s expectations; the FY27 outlook remains unchanged, with the customary H2 earnings weighting. This builds on the ‘robust platform’ of record year in FY26 for revenue (£306m) and adjusted operating profit (£36.3m), with a record closing order book of £618.8m. The Group reports a mid-September order book of c.£700m which underpins “nearly 90% of current market consensus revenue expectations for FY2027” and continues “to see good prospects for further order intake”. Growth momentum also supports the goal of a 'mid-teens' adjusted operating margin. For FY28 we estimate 13.2%. Backed by a strong FY26 and maintained momentum in FY27, we reiterate our 2,150p Fair Value.
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