Cohort secures follow-on Italian Navy contract

(Sharecast News) - Technology company Cohort announced Tuesday that its German subsidiary ELAC has secured a 60-month follow-on contract worth €16m. The AIM-traded firm said the contract entailed delivering a sonar system for the third unit of a new-build submarine programme commissioned by the Italian Navy.

ELAC previously provided sonar systems for the initial two units of the same programme.

"This important order confirms ELAC Sonar's position as a world-leading provider of submarine sonar systems," said chief executive officer Andy Thomis.

"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."

At 1053 GMT, shares in Cohort were up 1.57% at 518p.

Reporting by Josh White for Sharecast.com.