Cohort subsidiary secures contract extension

Technology group Cohort revealed on Wednesday that one of its wholly owned subsidiaries has secured a significant contract extension.

Cohort stated its Chess Dynamics subsidiary had been awarded an extension to an existing contract that will see it supply surveillance equipment to an unnamed European customer.

The AIM-listed firm said the contract extension has a value of approximately £11.0m, with deliveries expected to commence in the second half of the trading year.

Chief executive Andrew Thomis said: "This is good news for Chess and the group as a whole, and is a clear demonstration of the benefits of Chess' well-proven defence technologies.

"This contract extension further strengthens our order book and enhances the visibility of the group's revenues in the coming financial year and beyond."

As of 1020 GMT, Cohort shares were down 0.96% at 460.03p.

Reporting by Iain Gilbert at Sharecast.com