We initiated coverage of Cohort in December 2025: Strong pipeline, better value. Cohort has reported a strong full-year trading update, ahead of our revenue and profit forecasts. Revenue of £303m was 3.4% higher than our forecast (£293m) and adjusted operating profit of ~£36m was about 6% ahead. Communications and Intelligence was the standout, with revenue up ~27% to £159m (FY25A: £125.4m) with a margin of ~20% (FY25A: 16.8%), driven by a full-year contribution from EM Solutions. Sensors and Ef ....
