Cohort's full-year profits dip, co-chairman steps down

25th Jun 2015 08:15

Cohort reported lower full-year profits despite higher revenue, as acquisition-related costs took their toll.Pre-tax profit for the 12 months to 30 April fell 12% to £5.9m, from £6.7m over the same period a year earlier. Earnings per share also slid to 13.7p, from 14.4p.The decline follows expenditures of £17m on the acquisition of MCL and J+S, investments that Cohort said were already paying off with a strong order book in the current financial year.Adjusted earnings were up to 20p from 18.7p as revenue reached a record high, swelling 40% from £71.6m to £100m. The technology group attributed this to a particularly strong performance from its submarine communications division, as well as a higher number of exports.The board recommended a final dividend of 3.4p per share, making a total dividend of 5p per ordinary share, an increase of 19% from 2014's 4.2p. This will payable on 30 September 2015, subject to approval at the annual general meeting (AGM) a week earlier."Cohort once again improved its performance in the year, achieving record revenue and adjusted operating profit," said chairman Nick Prest."The Board considers that Cohort's order book and near-term prospects provide a good base for future progress," he added.In separate news, Cohort announced that co-chairman Stanley Carter will step down from his role on 22 September, but will remain on the board as a non-executive director.Elsewhere, Jeff Perrin will be joining the board as a non-executive director on 1 July and will succeed Robert Walmsley as chairman of the audit committee after the AGM.Cohort was trading 4.4% higher at 274p as of 9:00 BST.