The rise in global conflicts boosted Cohort’s order book as NATO nations continue to hike their defence spending. The defence technology group recorded a 13 per cent rise in revenue over the financial year to £306.4m, up from £270m. The jump reflected its surging order intake, which jumped 10 per
Maisie Grice
Wednesday 15 July 2026 8:55 am
The rise in global conflicts boosted Cohort’s order book as NATO nations continue to hike their defence spending.
The defence technology group recorded a 13 per cent rise in revenue over the financial year to £306.4m, up from £270m.
The jump reflected its surging order intake, which jumped 10 per cent to £314.2m. Its order book also closed at a record high of £618.8m.
The group proposed a final dividend per share of 12.1p. Total dividend per share hit 17.9p.
Shares dipped 0.8 per cent in early trading to 1,282.5p, but the stock is up 42.9 per cent since January.
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Orders were bumped up by the AIM-listed group’s communications and intelligence arm, which reported a 27 per cent rise in revenue and offset the flat performance of sensors and effectors.
Joe Spooner, research analyst at Shore Capital, pinned the performance of its sensors and effectors arm on its acquisition Chess, which supplies electro-mechanical systems, calling it the “main reason”, as it continues to face internal production issues and supply chain delays.
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But Cohort plans to invest £15m into Chess to consolidate its activities to a single site to “simplify its operations and increase capacity”, expecting the business to “improve materially over the next few years”.
The wave of orders coupled with contract wins has caused the group to achieve 88 per cent of its revenue expectations for the next financial year.
The AIM-listed firm also tripled its debt limit to £175m, alongside securing a further option to borrow £50m if needed, positioning itself for further merger and acquisition possibilities.
Ramping up pressure
Chief executive of Cohort, Andrew Thomis, said the group is seeing demand from both domestic customers and exporters, reflecting the collective push among NATO members to boost their defence spending.
He said: “Overall demand has been driven by the conflicts in Ukraine and the Middle East, persistent tensions in the Asia-Pacific Region and pressure from the United States administration on the other members of NATO to increase their defence spending.”
Thomis added the group is also optimistic of the UK’s defence investment plan (DIP) emphasis on technology including “hybrid navy, Atlantic Bastion and protection of underwater infrastructure”.
The chief executive’s optimism over the plan comes despite the Treasury having not yet evaluated whether the government could reach its pledge to spend 3.5 per cent of GDP on defence by 2035, with chief secretary to the Treasury Lucy Rigby saying that is a job for the “next government” to figure out.
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