REG - Concurrent Tech. - Interim Results

Concurrent TechnologiesAnnouncement

02/09/2020 07:01

RNS Number : 7407X
  
Concurrent Technologies PLC
  
02 September 2020
  
 

This announcement contains inside information
2 September 2020
Concurrent Technologies Plc
(the "Company" or the "Group")
 
Interim Results for the six months ended 30 June 2020
 
Concurrent Technologies Plc (AIM: CNC), a world leading specialist in the design and manufacture of high-end embedded computer boards for critical applications, announces interim results for the six months to 30 June 2020, reflecting a positive trading period with strong sales, profit before tax and investment.
 
Financial Highlights

 
·    Turnover of £9.2m (H1 2019: £9.5m)
·    Gross profit of £4.9m (H1 2019: £4.9m)
·    Gross margin of 52.9% (H1 2019: 51.7%)
·    Group operating profit of £1.2m (H1 2019: £1.6m)
·    Adjusted Profit before tax £1.2m (H1 2019: £1.7m, after adjusting for non-recurring income of £1.0m) *
·    Profit before tax of £1.2m (H1 2019: £2.7m) **
·    Adjusted EPS on continuing activities of 1.62 pence (H1 2019: 2.21 pence)*
·    EPS of 1.62 pence (H1 2019: 3.31 pence)
·    Interim dividend increased to 1.1p per share (H1 2019: 1.05p)
·    Cash balance (including cash deposits) at 30 June 2020 of £10.0m (H1 2019: £10.0m)
·    Cessation of engineering facility in India
 
*      Adjusted results are prepared to provide a more comparable indication of the Group's core business performance by removing the impact of receipts from the key man insurance policy.
**    2019 statutory profit before tax includes £1m non-recurring income relating to key man insurance.
 
 
Operational Highlights
 
·    Defence remains the largest individual sector, accounting for 68% of Group turnover during the period  
·    Strong order intake resulting in record order book in May 2020
·    Global customer base continues to expand with exports generating 96% of Group revenues (H1 2019: 90%)
·    Spending on R&D during the period was £1.8m (H1 2019: £1.7m)
 
Mark Cubitt, Chairman of Concurrent Technologies Plc, commented: "Despite the ongoing situation regarding COVID-19 and the one-time additional costs associated with the reorganisation of the engineering team, the Group's trading has been consistently strong throughout a very volatile period and the team has successfully built on an excellent 2019. With a robust balance sheet and a solid overall order book, the Group is in an excellent position for future growth and the Board has confidence in meeting market expectations for the current year."
Enquiries:




Concurrent Technologies Plc

Jane Annear, Managing Director


 
+44 (0)1206 752626




 


 




Newgate (Financial PR)

Bob Huxford
Isabelle Smurfit


 
+44 (0)20 7653 9848

+44 (0)20 3757 3411




 


 




Cenkos Securities Plc (NOMAD)

Neil McDonald
Peter Lynch




+44 (0)131 220 9771
+44 (0)131 220 9772




 
 
About Concurrent Technologies Plc
 
Concurrent Technologies Plc develops and manufactures high-end embedded computer products 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 9th 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.
 
All trademarks, registered trademarks and trade names used in this announcement are the property of their respective owners.
 
 
CHAIRMAN'S STATEMENT
In my first results as Chairman I am pleased to announce that the Group's trading performance has continued on from the positive results reported for 2019, with strong sales in the first half of 2020 and a solid order book, despite the challenging economic backdrop.
I would also like to acknowledge the role of our former Chairman, Michael Collins, who retires from the Board at the end of the month, and on behalf of the Group to thank him for his guidance and stewardship over the last 31 years. Concurrent would not be where it is today without Michael's significant contribution.
Financial Summary
 
The Company continued to trade and operate in a largely normal fashion during the first half of 2020, notwithstanding the onset of the COVID-19 pandemic. Revenue for the period was £9.2m (1H 2019: £9.5m), with the slight reduction in sales compared to the equivalent period in 2019 when an exceptional order was shipped. Gross margin increased to 52.9%. (1H 2019: 51.7%) and gross profit was maintained at £4.9m (1H 2019: £4.9m). The unaudited profit before tax (PBT) for the period was £1.2m (1H 2019: £1.7m net of a non-recurring payment of £1m pursuant to the Group's key man insurance). The decrease in PBT is largely due to a reduction in the amount of engineering costs that was capitalised in the period. The associated earnings per share (EPS) are 1.62 pence (1H 2019: 2.21 pence after adjusting for the £1m receipt referred to above).
The Group's balance sheet remains strong, with cash balances (including cash deposits) at 30 June 2020 of £10.0m (1H 2019: £10.0m).
Dividend
 
Given the strength of the Group's cash position and the balance sheet, the Board has declared a first interim dividend of 1.1p per share (H1 2019: 1.05p) - an increase of 4.8%. The total cost of this dividend will amount to £810,408. The ex-dividend date for this interim dividend is 17 September 2020, the record date is 18 September 2020 and the payment date is 2 October 2020.
Review of Operations
 
Having been designated as an essential defence supplier, production at the Company's Colchester headquarters continued throughout the lockdown period and the Group has not found it necessary to apply for support under any Government COVID-19 initiatives.
The Group has seen sales within the defence market increase to £6.3m (1H 2019: £5.5m) representing 68% (1H 2019: 58%) of revenue, while exports increased to 96% (1H 2019: 90%).
Our engineering group has generally been able to continue with its current projects whilst working at home as necessary, although our Indian site has proved to be a more challenging environment in which to achieve this. This has resulted in reduced productivity in the design group where our capitalisation rate of engineering costs is not as high as we might normally expect. This has adversely impacted PBT as a substantial proportion of these costs was expensed in the period. £1.8m (1H 2019: £1.7m) was invested in R&D prior to capitalisation during the first half of the year.
New products introduced during the first half of the year included a further high performance 3U VPX processor board as well as the release of our first Artificial Intelligence "AI" product. Both products were designed primarily for the defence market, with the AI product being targeted towards applications such as surveillance where faster and more in-situ analysis of data is essential. In addition, the Board is encouraged by the progress being made to introduce the AI technology into new markets. There has also been an increase in the demand for our software products, particularly for the support of our security product for applications within the defence market. To assist with our objective of increasing the provision of development systems to customers, we have further expanded our third party partner programme to increase support of complementary products.
India
 
With this strategy of broadening our products and services, and as part of the ongoing reorganisation of the Group to introduce new skills and improved working practices, the Board has taken the decision to cease operations in the Group's engineering facility in India. This move will enable the Group to gain from the efficiencies of re-focussing our engineering team in the UK. Some of the costs associated with this exercise, which should be completed by the end of the year, have already been absorbed and are reflected in the first half results, with an anticipated full year charge of approximately £0.5m. We have successfully recruited additional engineering resources in the UK by filling both junior and senior roles and will continue to add new skills to the UK team during the rest of the year, as appropriate.
 
Future Plans
 
Our engineering team will continue to focus on introducing new hardware designs based on Intel processors, in addition to introducing complementary products in line with our core business needs and plans. We are also committed to supporting our customer base with new products for the long established VME and CompactPCI product ranges, while introducing new technologies on the VPX and AMC product lines. Development of our AI products continues, as does our commitment to increase our systems and services business.
Whilst the reorganisation of the engineering teams will result in a small short-term increase in costs, the benefits should start to be seen in 2021 through cost savings and improved design efficiencies. This is expected to deliver a positive impact on profitability through an estimated annual net saving of £0.5m from the start of 2021.
Outlook
 
Despite the ongoing situation regarding COVID-19 and the one-time additional costs associated with the reorganisation of the engineering team, the Group's trading has been consistently strong throughout a very volatile period and the team has successfully built on an excellent 2019. With a robust balance sheet and a solid overall order book, the Group is in an excellent position for future growth and the Board has confidence in meeting market expectations for the current year.
 
Mark Cubitt
Chairman
1 September 2020
 
All companies and product names are trademarks of their respective organisations.
 
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Unaudited interim results to 30 June 2020
 




 


Note


Six months ended
30/06/20


 


Six months ended
30/06/19


 


Year ended 31/12/19




 


 


£


 


£


 


£




CONTINUING OPERATIONS


 


 


 


 


 


 




Revenue


 


    9,191,045 


 


    9,539,922 


 


  19,384,724 




Cost of sales


 


    4,325,867 


 


    4,608,129 


 


    9,174,588 




Gross profit


 


    4,865,178 


 


    4,931,793 


 


  10,210,136 




Net operating expenses


 


    3,627,665 


 


    3,313,078 


 


    7,204,073




Group operating profit


 


    1,237,513 


 


    1,618,715 


 


    3,006,063 




Finance costs


 


 (40,035)


 


                  -


 


        (41,808) 




Finance income


 


         23,171 


 


         38,082 


 


         96,601 




Other income


5


                  -


 


    1,000,000 


 


    1,000,000




Profit before tax


 


    1,220,649


 


    2,656,797


 


    4,060,856 




Tax


 


         25,858 


 


       248,898


 


         52,857




Profit for the period


 


    1,194,791 


 


    2,407,899 


 


    4,007,999 




 


 


 


 


 


 


 




Other Comprehensive Income


 


 


 


 


 


 




Exchange differences on translating foreign operations


 


       419,634


 


         16,596


 


      (186,972)




Tax relating to components of other comprehensive income


 


                  - 


 


                  - 


 


                  - 




Other Comprehensive Income for the period, net of tax


 


       419,634


 


         16,596


 


      (186,972) 




Total Comprehensive Income for the period


 


    1,614,425 


 


    2,424,495 


 


    3,821,026 




 


 


 


 


 


 


 




Profit for the period attributable to:


 


 


 


 


 


 




Equity holders of the parent


 


    1,194,791 


 


    2,407,899 


 


    4,007,999 




 


 


 


 


 


 


 




Total Comprehensive Income attributable to:


 


 


 


 


 


 




Equity holders of the parent


 


    1,614,425 


 


    2,424,495 


 


    3,821,026 




 


 


 


 


 


 


 




Earnings per share


 


 


 


 


 


 




Basic earnings per share


4


1.62p


 


3.31p*


 


5.51p




 


 


 


 


 


 


 




Diluted earnings per share


4


1.62p


 


3.31p*


 


5.47p




 




*Includes income and associated tax from key man insurance policy




 
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited interim results to 30 June 2020
 




 


 


As at


 


As at


 


As at




 


 


30/06/20


 


30/06/19


 


31/12/19




ASSETS


 


£ 


 


£ 


 


£ 




Non-current assets


 


 


 


 


 


 




Property, plant and equipment


 


    1,683,186 


 


       672,988 


 


    1,638,429 




Intangible assets


 


    7,917,503 


 


    8,089,260 


 


    7,991,119 




Deferred tax assets


 


       100,930 


 


       140,984 


 


       142,894 




 


 


    9,701,619 


 


    8,903,232 


 


    9,772,442 




Current assets


 


 


 


 


 


 




Inventories


 


    6,546,821 


 


    4,913,969 


 


    5,097,907




Trade and other receivables


 


    3,132,765 


 


    2,907,389 


 


    2,703,960 




Current tax assets


 


       334,082 


 


       101,621 


 


       274,221 




Other financial assets


 


                -   


 


       999,315


 


                -   




Cash and cash equivalents


 


  10,034,786 


 


    9,031,044 


 


  10,487,902 




 


 


  20.048.454 


 


  17,953,338 


 


  18,563,990 




 


 


 


 


 


 


 




Total assets


 


  29.750.073 


 


  26,856,570 


 


  28,336,432




 


 


 


 


 


 


 




LIABILITIES


 


 


 


 


 


 




Non-current liabilities


 


 


 


 


 


 




Deferred tax liabilities


 


    1,537,532 


 


    1,457,296 


 


    1,453,331 




Long term provisions


 


         14,964


 


         14,794


 


         16,731 




 


 


    1,552,496 


 


    1,472,090 


 


    1,470,062 




Current liabilities


 


 


 


 


 


 




Trade and other payables


 


    5,410,722 


 


    3,827,836 


 


    4,964,824 




Short term provisions


 


         15,382 


 


         15,170 


 


         16,832




Current tax liabilities


 


                -   


 


         14,588 


 


                -   




 


 


    5,426,104 


 


    3,857,594 


 


    4,981,656 




 


 


 


 


 


 


 




Total liabilities


 


    6,978,600 


 


    5,329,684 


 


    6,451,718 




 


 


 


 


 


 


 




Net assets


 


  22,771,473 


 


  21,526,886 


 


  21,884,714 




 


 


 


 


 


 


 




EQUITY


 


 


 


 


 


 




Capital and reserves


 


 


 


 


 


 




Share capital


 


       739,000 


 


       739,000 


 


       739,000 




Share premium account


 


    3,699,105 


 


    3,699,105 


 


    3,699,105 




Capital redemption reserve


 


       256,976 


 


       256,976 


 


       256,976 




Cumulative translation reserve


 


       582,022 


 


       365,956 


 


       162,388 




Profit and loss account


 


  17,494,370 


 


  16,465,849 


 


  17,027,245 




Equity attributable to equity holders of the parent


 


  22,771,473 


 


  21,526,886 


 


  21,884,714 




 


 


 


 


 


 


 




Total equity


 


  22,771,473 


 


  21,526,886 


 


  21,884,714 




 
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Unaudited interim results to 30 June 2020
 




 


 


Six months ended
30/06/20


 


Six months ended
30/06/19


 


Year ended 31/12/19




 


 


£


 


£


 


£




Cash flows from operating activities


 


 


 


 


 


 




Profit before tax for the period


 


    1,220,649 


 


    2,656,797 


 


    4,060,856 




Adjustments for:


            


 


 


 


 


 




Finance income        


 


        (23,171)


 


        (38,082)


 


        (96,601)




Finance costs


 


         40,035 


 


         - 


 


         41,808 




Depreciation        


 


       142,154 


 


       108,085 


 


       315,687 




Amortisation        


 


       888,299 


 


       909,491 


 


    1,788,003 




Impairment loss        


 


       125,000


 


       350,000


 


       483,630 




Loss on disposal of property, plant and equipment


 


                -   


 


                -   


 


                -    




Share-based payment        


 


                -  


 


         82,421


 


         82,421




Exchange differences        


 


       467,772


 


         20,619


 


      (205,790)    




(Increase)/decrease in inventories        


 


   (1,448,914)


 


      (817,393)


 


   (1,001,331)




(Increase)/decrease in trade and other receivables        


 


      (428,805)


 


       445,192


 


       648,621




Increase/(decrease) in trade and other payables        


 


       493,329


 


    1,038,077


 


    1,232,237




Cash generated from operations


 


    1,476,348 


 


    4,755,207 


 


    7,349,541 




Tax received/(paid)


 


          (1,209)


 


       (27,415)


 


       (21,173)




Net cash generated from operating activities


 


    1,475,139 


 


    4,727,792 


 


    7,328,368 




 


 


 


 


 


 


 




Cash flows from investing activities


 


 


 


 


 


 




Interest received


 


        23,171


 


        38,082


 


         96,601 




Cash released from/(placed on) deposit


 


                -    


 


     (999,315) 


 


                -   




Purchases of property, plant and equipment


 


     (182,469)


 


       (75,403)


 


      (476,376)




Proceeds from sale of property, plant and equipment


 


                -   


 


                -   


 


                -   




Purchases of intangible assets


 


     (939,585)


 


  (1,357,983)


 


   (2,272,054)




Net cash used in investing activities


 


  (1,098,883)


 


  (2,394,619)


 


   (2,651,829)




 


 


 


 


 


 


 




Cash flows from financing activities


 


 


 


 


 


 




Equity dividends paid


 


  (1,054,561)


 


     (981,698)


 


   (1,745,345)




Repayment of leasing liabilities


 


(50,648)


 


                 -


 


      (108,426)




Interest paid


 


(40,035)


 


                 -


 


        (41,808)




Sale of treasury shares


 


    368,550


 


 4,950


 


           4,950 




Net cash used in financing activities


 


     (776,694)


 


 (976,748)


 


   (1,890,629)




 


 


 


 


 


 


 




Effects of exchange rate changes on cash and cash equivalents


 


       (52,678)


 


   (4,733) 


 


         22,640 




 


 


 


 


 


 


 




Net increase/(decrease) in cash


 


      (453,116) 


 


    1,351,692


 


    2,808,550  




Cash at beginning of period


 


  10,487,902 


 


    7,679,352 


 


    7,679,352 




Cash at the end of the period


 


  10,034,786 


 


    9,031,044 


 


  10,487,902 




CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited interim results to 30 June 2020
 




 


Share
capital


Share
Premium


Capital
redemption
reserve


Cumulative
translation
reserve


Profit
and loss
account


Total
equity




 


£


£


£


£


£


£




 


 


 


 


 


 


 




Balance at 1 January 2019


739,000


3,699,105


256,976


349,360


14,670,553


19,714,994




 


 


 


 


 


 


 




Profit for the period


-   


-   


-   


-   


2,407,899


2,407,899




Exchange differences on translating foreign operations


-   


-   


-   


16,596


-   


16,596




Total recognised comprehensive income for the period


-   


-   


-   


16,596


2,407,899


2,424,495




 


 


 


 


 


 


 




Share-based payment


-   


-   


-   


-   


82,421


82,421




Deferred tax on share-based payment


-   


-   


-   


-   


3,403


3,403




Dividends paid


-   


-   


-   


-   


(981,698)


(981,698)




Sale of treasury shares


-   


-   


-   


-   


4,950 


4,950 




Balance at 30 June 2019


739,000


3,699,105


256,976


365,956


16,187,528


21,248,565




 


 


 


 


 


 


 




Profit for the period


-   


-   


-   


-   


1,600,100


1,600,100




Exchange differences on translating foreign operations


-   


-   


-   


(203,568)


-   


(203,568)




Total recognised comprehensive income for the period


-   


-   


-   


(203,568)


1,600,100


1,396,532




 


 


 


 


 


 


 




Share-based payment


-   


-   


-   


-   


-   


-   




Deferred tax on share-based payment


-   


-   


-   


-   


3,264


3,264




Dividends paid


-   


-   


-   


-   


(763,647)


(763,647)




Sale of treasury shares


-   


-   


-   


-   


-  


-  




Balance at 31 December 2019


739,000


3,699,105


256,976


162,388


17,027,245


21,884,714




 


 


 


 


 


 


 




Profit for the period


-   


-   


-   


-   


1,194,791


1,194,791




Exchange differences on translating foreign operations


-   


-   


-   


419,634


-   


419,634




Total recognised comprehensive income for the period


-   


-   


-   


419,634


1,194,791


1,614,425




 


 


 


 


 


 


 




Share-based payment


-   


-   


-   


-   


-   


-   




Deferred tax on share-based payment


-   


-   


-   


-   


(41,655)


(41,655)




Dividends paid


-   


-   


-   


-   


(1,054,561)


(1,054,561)




Sale of treasury shares


-   


-   


-   


-   


368,550


368,550




Balance at 30 June 2020


739,000


3,699,105


256,976


582,022


17,494,370


22,771,473




 
 
NOTES TO THE INTERIM REPORT
 




1.


General information
 




 


The principal activity of the Group is design, manufacture and supply of innovative high-end embedded single board computers and complementary accessories aimed at a wide base of customers within the defence, telecommunications, aerospace, transport, scientific and industrial markets.
 
Concurrent Technologies Plc ("the Company") is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. Concurrent Technologies Plc shares are listed on the Alternative Investment Market of the London Stock Exchange.
 
The Group's condensed consolidated interim financial statements are presented in pounds sterling (£), which is also the functional currency of the parent company.
 
These condensed consolidated interim financial statements, which are unaudited, have been approved for issue by the Board of Directors on 1 September, 2020.
 
The information relating to the six months ended 30 June 2020 and 30 June 2019 is unaudited and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2019, prepared in accordance with IFRSs (International Financial Reporting Standards) as adopted by the European Union, have been reported on by the Group's auditors and delivered to the Registrar of Companies. The auditors' report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
 




2.


Summary of significant accounting policies
 




2.1


Basis of preparation
 




 


These condensed consolidated interim financial statements are for the six months ended 30 June 2020. They have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2019, which have been prepared in accordance with adopted IFRSs.
 
The accounting policies applied and methods of computation are consistent with those of the annual financial statements for the year ended 31 December 2019, as described in those financial statements. The accounting policies have been consistently applied to all the periods presented.
 
There are no new IFRSs or IFRIC interpretations that are effective for the first time for the financial period beginning on or after 1 January 2020 that would be expected to have a material impact on the results or financial position of the Group.
 
 




2.2


Going Concern
 




 


The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing these condensed financial statements.
 




2.3


Taxation
 




 


Current tax expense is recognised in these condensed consolidated interim financial statements based on estimated effective tax rates for the full year. 
 




3.


Segmental reporting
 




 


The Directors consider that the Group is engaged in a single segment of business, being design, manufacture and supply of high-end embedded computer products, and that therefore the Company has only a single operating segment. The key measure of performance used by the Board to assess the Group's performance is the Group's profit before tax, as calculated under IFRS, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the condensed consolidated interim financial statements.




 




4.


Earnings per share
 




 


Basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders for the period by the weighted average number of ordinary shares outstanding during the period.
 
Diluted earnings per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all contracted dilutive potential ordinary shares. The Company only has one category of dilutive potential ordinary shares, namely share options.
 
The inputs to the earnings per share calculation are shown below:
 




 


 


 
 


Six months ended
30/06/20


 


Six months ended
30/06/19


 


Year ended 31/12/19




 


 


 


£


 


£


 


£




 


 


 


 


 


 


 


 




 


Profit attributable to ordinary equity holders


 


1,194,791


 


2,407,899


 


4,007,999




 


 


 


 


 


 


 


 




 


 


 


Six months ended
30/06/20


 


Six months ended
30/06/19


 


Year ended 31/12/19




 


 


 


No


 


No


 


No




 


Weighted average number of ordinary 
shares for basic earnings per share


 


73,673,490


 


72,728,490


 


72,728,490




 


Adjustment for share options


 


195,579


 


2,457


 


574,542




 


Weighted average number of ordinary  shares for diluted earnings per share


 


73,869,069


 


72,730,947


 


73,303,032




 


 
 


 


 


 


 


 


 




5.
 
 


Other Income
 
Other income relates exclusively to a claim made against a key man insurance policy. The receipt during 2019 was a non-recurring item and represented full and final settlement of the claim.
 
 




6.


Post reporting date events
 
Since 30 June 2020 the Group has announced the decision to cease operations at engineering facility in India. Some of the costs associated with this exercise, which should be completed by the end of the year, have already been absorbed and are reflected in the first half results, with an anticipated full year charge of approximately £0.5m.




 


 




7.


Shareholder Communication


A copy of these condensed interim financial statements is available from the Company's Registered Office at 4 Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, UK and from the Company's website at www.gocct.com.




 

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