Cohort shares rise as subsidiary awarded EUR141 million contract

Cohort PLC on Friday said it won a deal from defence contractor Saab.

The Reading, England-based defence technology business said its German subsidiary ELAC was awarded a EUR140.7 million contract under which it will collaborate with Saab to deliver integrated sonar systems for the Polish Orka Submarine Programme.

Cohort said that work will start immediately, with deliveries to continue out to the mid-2030s.

The firm added: "Alongside other recent wins across the group, the contract is expected to enhance the group's adjusted earnings per share in the following financial year and beyond."

Cohort Chief Executive Andy Thomis said: "We are pleased to have established this important collaboration with Saab whose A26 submarine has been selected by the Polish Navy. We will work together closely to ensure that these advanced vessels are provided with cutting-edge active and passive sonar systems, creating a world-class underwater capability that will make a major contribution to security in the Baltic Sea region."

Cohort shares rose 5.3% to 1,424.00 pence each on Friday morning in London.

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