REG - Concurrent Tech. - Update on Audited Annual Results

Concurrent TechnologiesAnnouncement

19/06/2023 07:00

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RNS Number : 0718D  Concurrent Technologies PLC  19 June 2023

19 June 2023

 

This announcement contains inside information

 

Concurrent Technologies plc

(the "Company")

 

Update on Audited Annual Results

 

Concurrent Technologies Plc (AIM: CNC), a world-leading specialist in the
design and manufacture of high-end embedded computer systems and boards for
critical applications, provides a further update on the timetable for
publication of the Company's full year results for the year ended 31 December
2022 ("FY22")

 

Further to the announcement on 5 June 2023, which stated that the FY22 results
would be published on 21 June 2023, the Company confirms that its auditor has
requested a further delay of a few days in order to complete their final
reviews. As stipulated by Rule 19 of the AIM Rules for Companies, the Company
is required to publish its audited FY22 results by no later than 30 June 2023.

 

In line with previous guidance included in the Post-Close Trading Update
issued on 4 January 2023, the Company expects to report revenues of £18.2
million, a result which was achieved despite the global supply chain shortages
which extended lead times throughout the year, delaying manufacture, shipping
and revenues.

 

Whilst still ongoing, the audit process is expected to result in a change in
the capitalisation of historical research and development ("R&D") costs
over the period 2016 to 2020 that requires a prior year adjustment being
booked in the closing accounts for the financial year to 31 December 2020
("FY20") of approximately £1.1m, reducing both capitalised R&D and
retained earnings by this amount, which will reverse through a lower
amortisation charge going forward. There is no material impact on the reported
profit for the year to 31 December 2021, but the change has resulted in
profitability in FY22 being reduced by c.£0.6 million as a result of a lower
amount of R&D being capitalised. There are a number of smaller prior year
adjustments requiring to be booked reflecting the rigour from both the Company
and Auditors on past accounting.

 

Looking forward to the current financial year ("FY23"), the Board is growing
increasingly confident of delivering a significant increase in revenue over
FY22 and of its ability to meet and, potentially, exceed current market
expectations for FY23. This confidence is underpinned by continued growth in
new orders and increasing visibility on physical delivery of key components
required to fulfil backlog orders.

 

A further update will be issued on the results release date in the coming
days.

 

Enquiries:

 

 Concurrent Technologies Plc
 Miles Adcock - CEO

                                +44 (0)1206 752626
 Newgate (Financial PR)         concurrent@secnewgate.co.uk
 Bob Huxford

                              07469 154806
 Alice Cho

 Matthew Elliott
 Cenkos Securities Plc (NOMAD)  +44 (0)131 220 9771
 Neil McDonald

                              +44 (0)131 220 9772
 Peter Lynch

 

 

 

Note to Editors:

 

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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