Cohort German subsidiary wins contract extension
Technology group Cohort revealed on Thursday that its German subsidiary has been awarded a five-year follow-on contract worth €16.0m.
Cohort said under the contract, ELAC will deliver sonar systems for an additional unit of a new build submarine program for the Italian Navy.
The AIM-listed firm noted the contract was the third unit of the overall program, with ELAC also supplying the sonar systems for the first two units.
Chief executive Andy Thomis said: "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.
As of 0930 GMT, Cohort shares were down 1.36% at 509.0p.
Reporting by Iain Gilbert at Sharecast.com