Cohort warns of ongoing delays to 'certain aspects' of its work

Independent technology group Cohort said on Monday that delays to certain aspects of its work noted at the time of its preliminary results had persisted.

Cohort stated the underlying causes for the delays included extended negotiations with customers, various restrictions on travel and global supply chain challenges due to the Covid-19 pandemic.

However, the AIM-listed firm continues to expect that its full-year trading performance will be "slightly ahead" of the one delivered in the year ended 30 April.

Cohort said it had entered the new financial year with a "substantial long-term order book" of £242.4m, underpinning nearly £100.0m of current financial year revenue and representing 64% of expected consensus revenue for the year.

Following wins of over £85.0m since 1 May, including recent contracts for ELAC, MASS, SEA and MCL, the firm's order book now stood at just under £300.0m, with revenue cover now standing at 82%.

Cohort added that it remained "soundly financed", with cash and readily available credit of just over £43.0m at the end of August, providing "significant financing headroom" for currently anticipated commitments and to consider any corporate activity.

As of 0935 BST, Cohort shares were down 4.03% at 554.68p.