The Stage | Andrew Thomis, CEO, Cohort Plc

Why It Matters

Cohort’s hybrid model shows how defence SMEs can meet rising European security demand without sacrificing agility, offering investors stable returns and governments a broader, innovative supplier base.

Key Takeaways

• Cohort leverages SME agility while providing group-scale resources
• European defense spending surge driven by Ukraine conflict
• Cohort’s portfolio now supports UK and allies’ deterrence capabilities
• 20-year track record created 1,600 high-skill defense jobs
• Investors benefit from stable returns without large-corporate bureaucracy

Summary

Chief executive Andy Thomas marked Cohort plc’s 20-year anniversary on the AIM market, outlining the company’s founding premise: to unite a portfolio of small-to-medium defence-technology firms under a single group that preserves entrepreneurial speed while granting access to capital, shared knowledge and larger customer bases.

Thomas highlighted how the model has become especially relevant as the Ukraine war has forced European governments to boost defence budgets, creating a surge in demand for agile, high-capability suppliers. Cohort’s structure lets its subsidiaries scale quickly without the heavy processes typical of large conglomerates.

He noted that the group now employs roughly 1,600 engineers and specialists, delivers “high-quality, high-capability defence technology” to the United Kingdom and its allies, and has generated solid shareholder returns. The CEO emphasized that the firm’s purpose extends beyond profit, contributing directly to national security and deterrence.

The Cohort example illustrates a replicable pathway for defence SMEs to access public-sector contracts and growth capital while retaining flexibility, a factor that investors and policymakers will watch as Europe continues to expand its defence spending.

Original Description

In this episode of The Stage, Andrew Thomis, CEO of Cohort plc, discusses Cohort’s growth journey and what it takes to build a resilient, innovative defence technology business.

Celebrating 20 years on the AIM market, Cohort has grown into a group of seven specialist defence technology businesses operating across the UK, Europe, Australia and North America.

About 'The Stage'

The Stage, a new video series that celebrates the people behind the markets. Produced by the London Stock Exchange, each episode will feature an industry thought leader sharing insights, milestones, and stories that shaped their business journey. Whether you're a CEO, founder, or financial industry voice, The Stage is your platform to connect with a global audience of investors, issuers, and market participants.

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LSEG (London Stock Exchange Group) is a diversified international markets infrastructure business —earning our clients’ trust for over 300 years. That legacy of customer-focused excellence ensures that you can rely on our expertise in capital formation, intellectual property and risk and balance sheet management. As global leaders in financial indexing, benchmarking and analytic services, we offer unrivalled access to international capital markets. Our high-performance technology solutions enable companies worldwide to access funds for growth and development. And with our Data & Analytics, Capital Markets and Post Trade divisions, we provide a comprehensive, integrated suite of trusted financial market infrastructure services that help our customers pursue—and achieve—their ambitions. That’s how we make a difference— ensuring people can meet their potential—worldwide. Follow us on LinkedIn (linkedin.com/company/london-stock-exchange-group) and Twitter (@LSEGplc).

LSEG (London Stock Exchange Group) is a diversified international markets infrastructure business —earning our clients’ trust for over 300 years. That legacy of customer-focused excellence ensures that you can rely on our expertise in capital formation, intellectual property and risk and balance sheet management. As global leaders in financial indexing, benchmarking and analytic services, we offer unrivalled access to international capital markets. Our high-performance technology solutions enable companies worldwide to access funds for growth and development. And with our Data & Analytics, Capital Markets and Post Trade divisions, we provide a comprehensive, integrated suite of trusted financial market infrastructure services that help our customers pursue—and achieve—their ambitions. That’s how we make a difference— ensuring people can meet their potential—worldwide.

Follow us on LinkedIn (linkedin.com/company/london-stock-exchange-group) and Twitter (@LSEGplc).