Interim results underpin Cohort's full-year expectations. Ongoing delays to the completion of the EID acquisition in Portugal will limit its contribution to FY16. Nevertheless, this remains a matter of timing and not value. In the meantime, the continuing activities are demonstrating solid progress. Defence trends are increasingly supportive, and were bolstered by the recent Strategic Defence and Security Review (SDSR) in the UK. The organic development should drive strong cash flow facilitating further value-creating bolt-ons. Relative to its defence peer group valuation some potential still remains.
