Cohort Issues Statement On Current Trading And Outlook; FY26 Growth Expectations Remains Unchanged

Cohort reported record financial results for the year ended April 30, 2025, demonstrating strong performance across revenue, adjusted operating profit, order intake, adjusted EPS, and net funds. Despite projecting first-half fiscal 2026 trading to be slightly behind the strong prior-year comparative period, the Group maintains its unchanged growth expectations for the full fiscal year 2026.

Analysis

Cohort has reported record financial results for the fiscal year ended 30 April 2025, demonstrating comprehensive strength across key metrics including revenue, adjusted operating profit, order intake, adjusted EPS, and net funds. This strong performance establishes a high benchmark for the upcoming fiscal year. While the Group has reaffirmed its full-year growth expectations for fiscal 2026, it has also guided that first-half trading is projected to be slightly weaker than the strong comparative period in the prior year. This suggests a potential back-loading of performance in FY26, a common occurrence but one that introduces near-term uncertainty. The upcoming interim results in December 2025 will be a crucial catalyst, providing the first concrete evidence of whether the company can overcome the slow start to meet its unchanged annual growth targets.

Key Decisions for Investors

• Investors should weigh the company's record FY2025 performance against the near-term headwind of a guided weaker first half in FY2026, which may create a period of share price consolidation or a more attractive entry point.
• The primary risk to monitor is a potential downward revision of the full-year 2026 growth forecast; any deviation from the currently 'unchanged' outlook ahead of the December results would be a significant negative signal.
• Consider the interim results announcement in December 2025 as the next major catalyst, which will be critical for validating management's confidence in meeting its back-loaded full-year guidance.