Cohort confident about annual performance

Technology group Cohort said it was looking to build on record profits last year after a strong first quarter.

In a speech to the company's annual general meeting, Chairman Nick Prest said a combination of a good order book, strong net funds and businesses with operational momentum provided a solid foundation for the current financial year.

"Cohort's trading and prospects at this early stage of the year are consistent with making further progress in 2012/13," he said.

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Although the UK defence market remains tight the business had a good pipeline of new opportunities with the Ministry of Defence and in export markets, Prest said,

At the end of July the group order book stood at £111m, up from 107.1m at the end of April.

The company has been spending more recently to support its projects but said it had a cash balance in excess of £12m as at 10 September, down from £14.1m at the end of April.

Prest added that the cash meant it would consider acquisitions if suitable opportunities arose, while continuing to focus on organic growth and operational improvements.