Cohort subsidiary wins EUR 49m submarine sonar order

Cohort

954.00p

15:25 15/11/24

-3.64%

-36.00p

Technology company Cohort announced on Wednesday that its wholly-owned subsidiary Elac Sonar has received an order of more than €49m (£41.97m) from Leonardo, which designs and supplies systems for naval defence and maritime and coastal surveillance.

Aerospace and Defence

11,646.40

15:45 15/11/24

-1.54%

-182.21

FTSE AIM 100

3,528.04

15:45 15/11/24

n/a

FTSE AIM All-Share

728.67

15:45 15/11/24

n/a

The AIM-traded firm said Elac would provide sonar systems for two new U212 near-future submarines (NFS) being supplied by Fincantieri for the Italian Navy.

It said the contract also included the delivery of special testing and training tools, and associated technical services.

Work on the contract was set to start immediately, and would complete in 2030, with options for two more U212 NFS submarines also included in the order.

“This is a major achievement for Elac Sonar, and its first major contract win since becoming part of Cohort in December,” said chief executive officer Andy Thomis.

“Being selected to provide the complete submarine sonar suite for a European Navy of the first rank is a strong and visible endorsement of Elac’s world leading ‘Sphere’ technology.

“The contract is also a significant addition to the group's order book and, together with other recent wins, enhances the visibility of future revenues.”

At 1018 BST, shares in Cohort were up 3.62% at 595.81p.