Cohort (CHRT)

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Cohort CHRT Logo

The independent technology group.

13-Dec-2017 – 317.5p – £130.0m – PER 10.5

Final Results For The 6 Months To End October 2017 – I picked this statement out “The Group’s first half results were slightly down on last year.  In recent years the Group’s results have been heavily weighted towards the second half and we expect this pattern to be repeated this year”.

Looks OK but at the end of the day it’s a low margin consultancy business. I am just not willing, at present, to accept the associated potential surprises here.

3-Jul-2018 – 365p – £149.5m – PER 11.9

Final Results For The 12 Months To End April 2018 – Revenue flat (£111.8m), Profits and EPS up about 7% with the Dividend up 15%. States in-line but looks like a slight miss here with the forward Order book confirmed at -25% on last year.

I’m no more interested here today than I was yesterday.

12-Dec-2018 – 415p – £170.0m – PER 12.9

Interim Results For The 6 Months To End October 2018 – Revenue down, Adjusted Operating Profit and EPS about a third of last year – As a sweetener the Interim Dividend is increased 12%. Made an acquisition today and expects H2 weighting to be even greater this year (than usual).

I cannot buy on the expectation of H2 weighting being even greater than usual – Not a chance!  Expecting the FY to surprise one way or the other!

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