For the year to 30 April 2023, Cohort reported record revenue of £182.7m +33%YoY, matched by record (adj.) EBIT of £19.1m, +23%YoY. The closing order book of £329.1m (FY22: £291.0m) was also at a high, boosted by order intake of £220.9m; by June this had reached £360m. EPS rose 17%YoY to 36.48p/share, with the proposed total dividend of 13.4p/share +10%YoY. Notwithstanding a strategically firm defence outlook – based on the conflict in Ukraine, tensions in the South China Sea, and cohesion amongst NATO allies - coincident with results, the MOD published on 18th July the Defence Command Paper Refresh (DCP23). In addition to committing £2.5bn to defence stockpiles, the paper heralded a “New Alliance” between defence and industry. Overall, FY23 revenue was 10.7% above our outlook (£165.0m) and (adj.) EBITDA 5.5% above: we have now raised our FY24 revenue outlook by 7% to £188.1m and EBITDA (adj.) by 5% to £25.0m. The key driver for medium-term growth remains the healthy, and growing, order book: our Fair Value remains at 650p/share.