Cohort wins £16m systems contract in Australia

19th Mar 2024 11:16

(Sharecast News) - Cohort announced a landmark contract through its subsidiary Chess Dynamics on Tuesday, valued at £15.7m, with BAE Systems Maritime Australia for the provision of the advanced Sea Eagle surveillance systems.

The AIM-traded firm said the systems were set to enhance the capabilities of the Royal Australian Navy's Hunter class frigates.

It said the Sea Eagle system provides superior surveillance capabilities, offering detection, tracking, and identification functions for both surface and aerial targets.

The project was set to start immediately, marking a significant phase in bolstering the Royal Australian Navy's operational capabilities.

Cohort said the initiative was scheduled to span until 2031, ensuring a long-term upgrade in surveillance and defence mechanisms aboard the Hunter class frigates.

"This order provides further confirmation of the capability and competitiveness of Chess's Sea Eagle system, and we are delighted to add the Royal Australian Navy to the user base," said chief executive officer Andy Thomis.

"This, combined with the recent contract with the Royal Canadian Navy, demonstrates the continuing expansion of Cohort's international customer base.

"Together with other recent contract wins across the group, this further underpins our order book and enhances the visibility of future revenues."

At 1218 GMT, shares in Cohort were up 0.97% at 595.7p.

Reporting by Josh White for Sharecast.com.