REG - Concurrent Tech. - H1 FY24 Trading Update

Concurrent TechnologiesAnnouncement

15/07/2024 07:00

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RNS Number : 3132W  Concurrent Technologies PLC  15 July 2024

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15 July 2024

Concurrent Technologies PLC

(the "Company" or the "Group")

H1 FY24 Trading Update

 

Concurrent Technologies PLC (AIM: CNC), a designer and manufacturer of
leading-edge computer products, systems and mission critical solutions used in
high-performance markets by some of the world's major OEMs, provides an update
on the Group's trading for the six months to 30 June 2024 ("H1 FY24").

 

Based on its unaudited management accounts for H1 FY24, the Company expects to
report record* results for a first half, with revenue of approximately £16.8m
(H1 FY23: £12.1m) and profit before tax of approximately £2.0m (H1 FY23:
£1.0m). Order intake for the period was £17.8m (H1 FY23 £14.5m).

 

The cadence of major design wins continues to improve, with eight major design
wins secured in H1 FY24. These programmes are expected to ramp up over two to
three years and will be delivered over a seven-to-10-year period, depending on
each specific programme.

 

The Board believes that the Company remains well positioned to deliver full
year results for 2024 in line with current market expectations**.

 

Miles Adcock, CEO of Concurrent Technologies, commented: "A pleasing first
half as we deliver record results, very much as anticipated. The business has
been adapting to some customer delays in order placements late 2023 into H1
2024, which are now largely recovered, and management has been focussed on
balancing cost and profitability as we continue to mobilise the business for
growth in both Boards and Systems. The good performance in securing major
design wins builds on the success of 2023 in creating a long-term expectation
of substantive growth. It is exciting to see these design wins come through
from the USA, but also now from the UK, Europe, and Asia Pacific."

 

Enquiries:

 

 Concurrent Technologies Plc
 Miles Adcock - CEO

                                          +44 (0)1206 752626
 Kim Garrod - CFO

 Alma Strategic Communications
 Josh Royston

                                          +44 (0)20 3405 0205
 Hannah Campbell

 Cavendish Capital Markets Limited (NOMAD)  +44 (0)131 220 9771
 Neil McDonald

                                          +44 (0)131 220 9772
 Peter Lynch

 

* Excluding an exceptional £1m insurance payment received in 2019

** Cavendish revenue expectations for 2024 are £34m and PBT expectations of
£4.4m.

 

About Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded Plug
In Cards and Systems for use in a wide range of high performance, long life
cycle applications within the telecommunications, defence, security,
telemetry, scientific and aerospace markets, including applications within
extremely harsh environments. The processor products feature
Intel® processors, including the latest generation embedded Intel® Core™
processors, Intel® Xeon® and Intel Atom™ processors.  The products are
designed to be compliant with industry specifications and support many of
today's leading embedded Operating Systems.  The products are sold
world-wide.

For more information on Concurrent Technologies Plc and its products please
visit www.gocct.com (http://www.gocct.com/) .

 

 

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