Cohort
Website:
Cohort
Index:
AIM
EPIC: CHRT
Supersector:
Industrial Goods and Services
Sector:
Aerospace and Defense
Subsector:
Defense
Market Cap:
£517.72M
Payout Frequency: Semi-Annual
Cohort Dividend Analysis and Summary
Dividend Summary
- Dividend type: Interim
- Amount: 5.80p per share (up 10% year-on-year from 5.25p)
- Ex-dividend date: 08/01/2026 (derived from record date)
- Record date: 09/01/2026
- Payment date: 17/02/2026
- DRIP: Available; election deadline 26/01/2026 (via Equiniti)
- Policy: Board reiterates a progressive dividend policy
- Context: FY25 total declared DPS was 16.30p (interim 5.25p + final 11.05p)
Focused Dividend Analysis
- Earnings cover: H1 adjusted EPS 16.16p vs interim DPS 5.80p implies c.2.8x cover on H1 earnings—comfortable for a mid-cap industrial.
- Cash flow and balance sheet: H1 operating cash outflow of £31.6m and net debt of £32.5m reflect working capital build and capex (incl. ELAC facility). Management guides to a strong H2 and expects to finish the year with net funds, which would improve dividend cash cover.
- Visibility: Order book £604.5m with >£145m deliverable in H2; revenue cover now 96% of consensus for FY26. Management expects full-year profit and EPS growth, and stronger H2 margins—supportive of ongoing DPS growth.
- Capital allocation: Continued dividends alongside targeted capex and M&A (EM Solutions) balanced by a non-core disposal (SEA Transport). RCF of £50m in place to July 2027; new facility discussions underway and expected before July 2026 results.
- Trajectory: Interim DPS up 10% and FY25 final up to 11.05p indicate a consistent progressive trajectory. With H2-weighted delivery and margin recovery expected, the outlook for continued DPS growth remains positive, assuming execution.
Structural or Policy Factors
- Acquisition: EM Solutions (Jan 2025) contributing to growth and margins in Communications & Intelligence; integration proceeding.
- Disposal: SEA’s non-core Transport business sold (Jun 2025) for £5.9m net proceeds and a £0.5m gain—simplifies portfolio and modestly supports balance sheet.
- Share capital: Higher weighted average shares reduced EPS; not a change in dividend policy but can dilute per-share earnings cover.
- Banking facilities: Existing RCF to July 2027; refinancing discussions underway—no immediate pressure but worth monitoring.
Risks and Flags to Dividend Stability
- Cash conversion timing: Large H1 working capital outflow requires strong H2 deliveries; slippage could defer cash receipts and temporarily tighten dividend cash cover.
- Margin mix: Weaker S&E division margins (Italian sonar low-margin deliveries) pressured H1; recovery is expected in H2 but remains an execution risk.
- Customer concentration/budget risk: UK MOD accounted for 41% of H1 revenue; changes in UK defence budgets could affect order timing.
- Integration and capex: EM Solutions integration and recent major capex (ELAC facility) must translate into returns to sustain progressive DPS.
Read more
Cohort Annual Dividend Yield - 1.42%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 09/01/2025 |
18/02/2025 |
Interim |
5.25p |
GBX |
| 21/08/2025 |
03/10/2025 |
Final |
11.05p |
GBX |
Total (Annual Dividends Per Share):
16.30p
Dividend Yield =
Annual Dividends Per Share (16.30p)
÷ Share Price (1148p)
= 1.42%
Cohort Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 08/01/2026 |
17/02/2026 |
Interim |
5.8000p |
GBX |
| 21/08/2025 |
03/10/2025 |
Final |
11.05p |
GBX |
| 09/01/2025 |
18/02/2025 |
Interim |
5.25p |
GBX |
| 22/08/2024 |
02/10/2024 |
Final |
10.10p |
GBX |
| 04/01/2024 |
13/02/2024 |
Interim |
4.70p |
GBX |
| 24/08/2023 |
03/10/2023 |
Final |
9.15p |
GBX |
| 05/01/2023 |
14/02/2023 |
Interim |
4.25p |
GBX |
| 25/08/2022 |
04/10/2022 |
Final |
8.35p |
GBX |
| 06/01/2022 |
14/02/2022 |
Interim |
3.85p |
GBX |
| 19/08/2021 |
27/09/2021 |
Final |
7.60p |
GBX |
| 17/12/2020 |
04/02/2021 |
Interim |
3.50p |
GBX |
| 13/08/2020 |
18/09/2020 |
Final |
6.90p |
GBX |
| 30/01/2020 |
26/02/2020 |
Interim |
3.20p |
GBX |
| 22/08/2019 |
18/09/2019 |
Final |
6.25p |
GBX |
| 31/01/2019 |
27/02/2019 |
Interim |
2.85p |
GBX |
| 23/08/2018 |
19/09/2018 |
Final |
5.65p |
GBX |
| 01/02/2018 |
28/02/2018 |
Interim |
2.55p |
GBX |
| 17/08/2017 |
13/09/2017 |
Final |
4.90p |
GBX |
| 02/02/2017 |
01/03/2017 |
Interim |
2.20p |
GBX |
| 25/08/2016 |
21/09/2016 |
Final |
4.10p |
GBX |
| 04/02/2016 |
02/03/2016 |
Interim |
1.90p |
GBX |
| 27/08/2015 |
30/09/2015 |
Final |
3.40p |
GBX |
| 05/02/2015 |
04/03/2015 |
Interim |
1.60p |
GBX |
| 27/08/2014 |
24/09/2014 |
Final |
2.80p |
GBX |
| 05/02/2014 |
05/03/2014 |
Interim |
1.40p |
GBX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
4.700 |
10.100 |
GBX |
14.800 |
10.440 |
| 2023 |
4.250 |
9.150 |
GBX |
13.400 |
9.830 |
| 2022 |
3.850 |
8.350 |
GBX |
12.200 |
60.520 |
| 2021 |
|
7.600 |
GBX |
7.600 |
-44.110 |
| 2020 |
6.700 |
6.900 |
GBX |
13.600 |
49.450 |
| 2019 |
2.850 |
6.250 |
GBX |
9.100 |
10.970 |
| 2018 |
2.550 |
5.650 |
GBX |
8.200 |
15.490 |
| 2017 |
2.200 |
4.900 |
GBX |
7.100 |
18.330 |
| 2016 |
1.900 |
4.100 |
GBX |
6.000 |
20.000 |
| 2015 |
1.600 |
3.400 |
GBX |
5.000 |
19.040 |
| 2014 |
1.400 |
2.800 |
GBX |
4.200 |
|
Cohort Dividend Calculator
Cohort Dividend Growth
| Dividend Growth (1Y) |
9.77%
|
| Dividend CAGR (5Y) |
10.13%
|
| Years of Growth |
4
|
| Payout Ratio |
40.64%
|
| Buyback Yield |
-13.4%
|
| Shareholder Yield |
-11.94%
|
| P/E Ratio (TTM) | 28.69 |
|---|
| Forward P/E | 17.97 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 3.53% |
|---|
| FCF Yield | -5.54% |
|---|
| ROE | 13.54% |
|---|
| ROCE | 9.76% |
|---|
| Profit Margin | 6.51% |
|---|
| Operating Margin | 8.68% |
|---|
| Gross Margin | 33.53% |
|---|