The Group has acquired a larger stake in EID, a Portuguese tech company who it now owns an 80% share in.
Companies: Cohort plc
Cohort (LON: CHRT) has announced today it has acquired a further 23% stake in communications company EID, bringing the Group's stake to 80% with the remaining 20% held by the Portuguese Government.
Adding to its existing 57% stake cost just shy of €4m (£3.6m) bringing the total cost to the Group to €15.2m (£13.6m).
EID is a Portugal-based supplier of advanced electronics, communications and command and control products and systems for the global defence market and is one of the 4 subsidiary companies owned by Cohort.
It seems the acquisition was always in the pipeline for the Group, with Group CEO Andrew Thomis saying today he was "pleased to have completed the second stage of the EID acquisition."
Customers of EID include the defence forces of Portugal, the Netherlands, Spain, and Belgium.
Shares in CHRT jumped 13% on Monday morning off the back of the news.
The stock has ridden a wave of ebbs and flows over the last few years and currently trades at c. 322p per share with a Market Cap of £117m. Consensus forecasts the Group to report a Net Profit of c. £12m from Revenues of c. £121m in FY18, representing growth of 8% and 235% from the £112m and £3.6m reported in FY17.
