REG - Concurrent Tech. - Trading update

Concurrent TechnologiesAnnouncement

17/01/2024 07:00

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RNS Number : 9124Z  Concurrent Technologies PLC  17 January 2024

This announcement contains inside information as stipulated under the UK
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information is considered to be in the public domain.

 

17 January 2024

 

 

Concurrent Technologies Plc

(the "Company" or the "Group")

 

Trading update

 

Record year for growth providing confidence in updated strategy

 

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, is pleased to
announce an update on trading for the year ending 31 December 2023 ("FY23").

 

Based on its unaudited management accounts for FY23, the Company expects to
report revenues circa 5% ahead of market expectations* and adjusted profit
before tax slightly ahead of market expectations**.

 

This makes FY23 a record year, with revenue in excess of £30m compared to
£18.3m in FY22 and record profitability, notwithstanding a significant
investment in the cost base through the year to accelerate future growth.

 

Miles Adcock, CEO of Concurrent Technologies, commented: "This has been
another outstanding year for Concurrent Technologies delivering a record
financial performance even after meaningful investment for growth in the cost
base. Our success has been fuelled by significant design-in wins, new product
releases and investment made in the Systems business, with the addition of
Phillips Aerospace. With a year-on-year increase in revenue of over 60%, it is
clear that our revised strategy and associated transformation is delivering
results, and we are confident we now have the right team in place to continue
this delivery and increase the Group's share of its addressable market in 2024
and beyond."

 

*Cavendish revenue expectations for 2023 are £29.5m

**Cavendish adjusted profit before tax expectations for 2023 are £3.5m

 

Enquiries:

 

 Concurrent Technologies Plc

Miles Adcock - CEO

                                          +44 (0)1206 752626
 Kim Garrod - CFO

 Alma Strategic Communications              +44 (0)20 3405 0205

Josh Royston

 Hannah Campbell
 Cavendish Capital Markets Limited (NOMAD)  +44 (0)131 220 9771

Neil McDonald

                                          +44 (0)131 220 9772
 Peter Lynch

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) .

All trademarks, registered trademarks and trade names used in this
announcement are the property of their respective owners.

 

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