Cohort subsidiary secures Italian submarine contract extension

(Sharecast News) - Technology company Cohort announced on Thursday that its German subsidiary ELAC Sonar has been awarded a €16.4m contract amendment. The AIM-traded firm said the additional contract followed the activation of a contractual option, and would involve the supply of a sonar system for another unit in a new-build submarine program for the Italian Navy.

It said the amendment raised the total value of the original contract, awarded in 2021, to over €100m.

ELAC Sonar would now provide sonar systems for a total of four submarines as part of the programme.

"This important order is another significant win for ELAC and demonstrates its ability to meet the demanding specifications of the Italian Navy," said chief executive officer Andy Thomis.

"We believe that ELAC's Sphere digital hydroacoustic technology provides the most advanced and effective sonars available worldwide, enabling a generational leap in underwater battlespace performance.

"Together with other recent contract wins at ELAC and across the group, this announcement further demonstrates the visibility of our future revenues."

At the close on Thursday, shares in Cohort were up 0.88% at 1,140p.

Reporting by Josh White for Sharecast.com.