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Cohort PLC - Reading, England-based defence and security technology firm - Says that its German subsidiary, ELAC Sonar GmbH, has been given a five-year contract with a value of €16 million. Under this agreement, ELAC will deliver the sonar system for another unit of a new-build submarine programme for the Italian Navy. This is the third unit of the programme, with ELAC also supplying the sonar systems for the first two units. Chief Executive Andy Thomis says: ‘This important order confirms ELAC Sonar’s position as a world-leading provider of submarine sonar systems. ELAC’s cutting-edge technology for passive sonar systems significantly improves detection accuracy and allows for multi-functional operator stations to execute various sonar applications aboard the submarines. Together with other recent wins across the group, this contract further underpins our order book and enhances the visibility of future revenues.’ Current stock price: 518.00 pence, up 1.6% on Tuesday 12-month change: up 25% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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