Cohort has reported order wins since the start of the financial year of over £70m and a resulting order book of over £300m, indicative of c.95% cover of consensus FY23 revenue outlook. Encouragingly, order book longevity continues to increase. The most recent events in the war in Ukraine serve as a reminder of the renewed emphasis on defence preparedness across NATO and in the UK. Cohort reports increased levels of activity from the UK MOD, highlighting MCL – specialist in electronic communications and information systems – where strong performance in FY23 is expected The expanded order book Cohort reports, backed by order longevity, underpins our April 2023 estimates, which remain unchanged at revenue growth of 16.5%YoY to £160.5m and EBITDA growth of 13.5%YoY to £22.0m. Consequently we reiterate our Fair Value of 650p/share.