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Cohort PLC on Wednesday said its wholly owned subsidiary Chess Dynamics Ltd has been awarded an extension to an existing contract. Cohort is a Reading, England-based technology company with five businesses serving defence and security sectors. It didn’t provide the length of the contract extension. However, the original contract announced in July 2020 had the option for a further three one-year contracts. At the time, Cohort said it had won a contract to supply surveillance equipment to a European customer. The initial deal was worth £11 million spread evenly over two years. The contract extension has a value of about £11 million, Cohort said on Wednesday. It expects deliveries to begin in the second half of financial year 2024. Cohort’s financial year ends on April 30. Chief Executive Officer Andrew Thomis said: ‘This is good news for Chess and the group as a whole, and is a clear demonstration of the benefits of Chess’s well-proven defence technologies. This contract extension further strengthens our order book and enhances the visibility of the group’s revenues in the coming financial year and beyond.’ Shares in Cohort were up 1.7% to 472.16 pence each in London on Wednesday morning. Copyright 2022 Alliance News Ltd. All Rights Reserved.
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