Cohort's ELAC unit secures €140.7m sonar deal with Saab

(Sharecast News) - Independent technology firm Cohort said on Friday that its German subsidiary ELAC has been awarded a contract worth €140.7m. Under the contract, ELAC will collaborate with Saab to deliver integrated sonar systems for the Polish Orka Submarine Programme, with work set to commence immediately and deliveries to continue into the mid-2030's.

Alongside other recent wins across the group, Cohort said the contract was expected to enhance its adjusted earnings per share in "the following financial year and beyond".

Chief executive Andy Thomis said: "This important order confirms ELAC SONAR's position as a world-leading provider of advanced digital sonar systems for submarines.

"We are pleased to have established this important collaboration with Saab whose A26 submarine has been selected by the Polish Navy. We will work together closely to ensure that these advanced vessels are provided with cutting-edge active and passive sonar systems, creating a world-class underwater capability that will make a major contribution to security in the Baltic Sea region."

As of 1000 BST, Cohort shares were up 4.81% at 1,417.08p.



Reporting by Iain Gilbert at Sharecast.com

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