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Cohort subsidary wins 10-year MOD contract
StockMarketWire.com
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Technology group Cohort has welcomed the news that its subsidiary, Systems Engineering & Assessment Limited (SEA), has been awarded a new 10-year contract, with a value of approximately £25 million, for the management and upgrade of in-service sonar equipment for the UK Ministry of Defence
The contract will be revenue-generating from April 2021, with revenues spread evenly across the first seven years, tailing off in years seven to ten.
The contract will see SEA maintain the Royal Navy's in-service sonar equipment - a service that they have successfully provided for the past ten years.
In addition, the new contract provides for certain upgrades to the equipment, ensuring its long term operational viability.
Andy Thomis, Cohort chief executive, said: This contract win clearly demonstrates SEA's strong capability in sonar systems and our enduring relationship with the MOD and the Royal Navy.
Together with other recent contract wins across the group, this contract further underpins our order book and enhances the visibility of future revenues.
At 2:51pm: (LON:CHRT) Cohort PLC share price was 0p at 589p
Story provided by StockMarketWire.com
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