Cohort

Britain's prolonged delay in publishing its Defence Investment Plan has strained the country's defense-industrial base, prompting some companies to scale back, move investment overseas or exit the sector altogether. Prime Minister Keir Starmer is expected to unveil the plan on Tuesday, nearly nine months after it was originally anticipated. Industry executives say the uncertainty has slowed contract awards and discouraged private investment, with defense trade group ADS reporting that dozens of smaller companies have either gone out of business or shut down defense operations. Cohort, a U.K.-listed defense group, saw the U.K. account for less than half of its business in its latest fiscal year, down from roughly 80% several years ago, while its total revenue is expected to rise about 12%. Bristol-area manufacturer Q5D is leaning toward building its next factory in the United States after winning business from the U.S. Army but little from the U.K., and one of Cohort's subsidiaries recently established a facility in Canada.