Cohort’s final results came in ahead of our forecasts with a record revenue, adjusted operating profit and closing cash performance delivered. The 22% underlying organic revenue growth and 17% underlying operating profit growth was augmented by the MCL and J+S acquisitions, both of which were immediately earnings enhancing. With a closing order book of £134.0m, including a contribution of £38.0m from the acquisitions, we believe Cohort is set for a period of sustained organic growth. In addition, a significant outperformance on cash, some of which is expected to partially reverse in FY16, leaves the group with a very strong balance sheet to pursue further targeted acquisitions and deliver organic growth.
