By Elena Vardon


Cohort backed its expectations for fiscal 2024 as it has seen an encouraging start to the year with contract wins and said that it sees good prospects to secure more orders.

The U.K. defense company on Tuesday said its order book stood at 370 million pounds ($451.8 million) at Sept. 22 as it has won over GBP90 million in contracts since the start of the year.

"Following an increased level of activity with the [U.K. Ministry of Defence] last year, strong momentum has continued in the first quarter, with good prospects to secure further long-term orders for our naval systems and support work both from the U.K. MOD and in export markets," it said in a statement ahead of its annual general meeting.

The London-listed group that it expects its net cash balance to decrease given planned capital expenditure and working capital expansion, but to maintain positive net funds at the end of the year.

Its net funds at the end of August were GBP15.2 million, down from GBP15.6 million three months prior, it said, adding that it has enough cash and banking facilities to fund its commitments and potential acquisitions.


Write to Elena Vardon at elena.vardon@wsj.com


(END) Dow Jones Newswires

09-26-23 0408ET