Concurrent Technologies (LON:CNC) https://www.gocct.com/ You can follow the PLCs that I see on my STOCKWATCH UK twitter page.

An old AIM listed company, with a current market cap of £75m (at 100p a share) that is based in Colchester but has a global presence.

Concurrent Technologies is a world leading specialist design and manufactures of a wide range of high performance / critical application Intel® processor boards, switches, networking, storage and software products for use in embedded computing solutions. The kit meets the highest level of inspection standards for long life-cycle, reliable operation and used by many of the world’s leading integrators within the Defence, Security, Aerospace, Telecommunications, Transportation, Medical and Industrial markets. The products are designed to be operated in a range of temperatures and environments from benign to extreme rugged. Think extremes of heat and currently 68% of revenues are defence related, taking INTEL kit and adjusting it for these harsher than normal environments. There is also a US HQ and a Chinese sales office (no manufacturing) with product and support backed up by a worldwide network of local distributors and manufacturer’s reps.

There has been several top management changes in recent years starting with the founding CEO's untimely death (insured) resulting in a new CEO. Recently the 31 year serving Chairman retired and his replacement referred to as a ‘refresh’ by the new CEO Jane Annear, who was previously the Concurrent COO. The CEO is seeking a higher City profile for the PLC and is meeting investors and analysts. This is my second meeting with Jane, whom I met last year.

The share price was back to being just over the pre CV high but drifted back in recent weeks. The PLC has been buying in share for the employee fund and no other reason.

The 1H results (to end June) were released in early September. Turnover was £9.2m and gross profit £4.9m, PBT at £1.2m, EPS of 1.62p and the interim dividend edged up from 1.05p to 1.1p, costing £810k. 68% of revenue is from defence customers and 96% of product exported. The PLC cash balance was £10m (£10m in 2019 ) with no debt. A ’ few things coming on’ but the order book size is not published but a ‘strong order intake resulting in record order book in May 2020’. The Chinese economic shutdown was…

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