This
announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of
English Law by virtue of the European (Withdrawal) Act 2018, as
amended. On publication of this announcement via a Regulatory
Information Service, this information is considered to be in the
public domain.
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
Kim Garrod - CFO
|
+44 (0)1206 752626
|
|
Alma
Strategic Communications
Josh
Royston
Hannah Campbell
|
+44 (0)20 3405 0205
|
|
Cavendish Capital Markets Limited (NOMAD)
Neil McDonald
Peter Lynch
|
+44 (0)131 220 9771
+44 (0)131 220 9772
|
*
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.