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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Concurrent Technologies Plc | LSE:CNC | London | Ordinary Share | GB0002183191 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 1.06% | 95.00 | 94.00 | 96.00 | 96.50 | 94.00 | 94.00 | 223,838 | 13:12:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Printed Circuit Boards | 18.28M | 987k | 0.0115 | 82.61 | 81.36M |
From Apr 2019 to Apr 2024
TIDMCNC
RNS Number : 3922A
Concurrent Technologies PLC
24 March 2017
24 March 2017
Concurrent Technologies Plc
Results for the year ended 31 December 2016
Concurrent Technologies Plc (AIM: CNC), a world leading specialist in the design and manufacture of high-end embedded computer boards for critical applications, announces results for the year to 31 December 2016.
Financial Highlights
-- Turnover of GBP16.4m (2015: GBP17.1m) -- Gross profit increased by 3.0% to GBP8.9m (2015: GBP8.6m) -- Gross margin increased to 54.2% (2015: 50.6%) -- EBITDA increased by 3.2% to GBP4.3m (2015: GBP4.2m) -- Profit before Tax increased by 6.2% to GBP2.9m (2015: GBP2.7m) -- EPS increased by 2.9% to 3.90 pence (2015: 3.79 pence) -- Dividend increased by 10.5% to 2.10 pence per share for the year (2015: 1.90 pence) -- Cash in business plus deposits increased by 32.3% to GBP7.8m (2015: GBP5.9m)
Operational Highlights
-- Four new high performance embedded computers were released during 2016, two of which featured new generation Intel(R) Xeon(R) processors
-- All architectures for new applications and new customers include low power units and allow for practical upgrade paths for existing long life cycle customers
-- Released further sophisticated high bandwidth switching boards supplementing functionality of main products
Michael Collins, Chairman of Concurrent Technologies Plc, commented:
"We are currently witnessing numerous opportunities to introduce our highly innovative technology to new and existing customers. To best meet these opportunities our strategy is to continue to invest in R&D to ensure a constant expansion of our advanced product range.
We continue to look for acquisition options but there is plenty of scope for internal organic growth where we continue to see many opportunities to grow the business into new market areas without taking unacceptable risks.
Sales and new interest in our products and services arising this year have been encouraging and our current healthy order book gives us confidence in our performance for 2017."
Annual General Meeting
The annual general meeting of Concurrent Technologies Plc will be held at the Company's offices at 4 Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, on 25 May 2017 at 2:30pm.
Enquiries:
Concurrent Technologies Plc Glen Fawcett, CEO +44 (0)1206 752 626 Newgate (Financial PR) Bob Huxford James Browne +44 (0)207 653 9850 Cenkos Securities plc (NOMAD) Neil McDonald +44 (0)131 220 9771 Nick Tulloch +44 (0)131 220 9772 Beth McKiernan +44 (0)131 220 9778
Extracts from the Strategic Report
Review of Operations
The Group achieved excellent results in 2016, with sales of GBP16.42m (2015: GBP17.07m). The Revenue for 2015 included significant orders from one customer which as anticipated by the Board, were not repeated at such a high level in 2016.
Despite the fall in revenues, gross profit increased to GBP8.89m (2015: GBP8.64m). The gross margin for the year increased to 54.2% (2015: 50.6%).
Profit before tax was GBP2.90m (2015: GBP2.73m). Earnings per share were 3.90 pence (2015: 3.79 pence).
EBITDA (measured as Operating Profit plus Depreciation and Amortisation) for the Group in 2016 was GBP4.31m (2015: GBP4.17m).
The Total Comprehensive Income for the year was GBP3.25m which included GBP0.42m of income resulting from exchange differences on translating foreign operations. This substantially arose from a significant devaluation of sterling against other currencies in June 2016.
We continued to increase our investment in R&D from GBP3.05m in 2015 to GBP3.39m in 2016, of which GBP2.27m was capitalised (2015: GBP2.20m).
The Group continues to have no borrowings. We have again paid increased dividends during the year and our cash balances plus short to medium term cash deposits at the year-end improved to GBP7.78m (2015: GBP5.87m).
Operational Highlights
Four new high performance embedded computers were released during 2016. Two of these, featured the latest technology processors including the new generation Intel(R) Xeon(R) processors. As well as providing the latest high performance and low power units across all of our architectures for new applications and new customers, these computer boards also allow for practical upgrade paths for our existing long life cycle customers. In addition to these two main computer boards, we also released further sophisticated high bandwidth switching boards to supplement the functionality of our main products providing, for example, faster and easier network connectivity.
Future Plans
Our core business is resilient and there are many opportunities to introduce our highly innovative technology to new and existing customers.
We will continue our investment in R&D to ensure a constant expansion of our range of advanced technology products and thereby enhance our competitive position. Additional R&D engineers will be recruited in the UK, USA and India to design more products for complex, high technology, low to medium volume and high margin applications, along with producing versions targeted for use in harsh environments, including military applications.
The key to continued success is to expand our range of products, with a particular focus on the VPX bus architecture. In addition to boards and associated software we have recently started to provide development systems based on the VPX and MicroTCA(R) architectures. These development systems will enable users to reduce their own product development times.
We continue to look for acquisition opportunities but there is plenty of scope for internal organic growth where we continue to see many opportunities to grow the business into new market areas without taking unacceptable risks.
Sales and new opportunities arising this year have been encouraging and our current healthy order book gives us confidence in our performance for the full year.
Dividend
The Board has declared a second interim dividend of 1.30 pence per share (2015: 1.20 pence) which when added to the first interim dividend of 0.80 pence per share (2015: 0.70 pence) will make a total of 2.10 pence per share for the year (2015: 1.90 pence). This is an increase of 10.5% on dividends paid for 2015. The total cost of this second interim dividend will amount to GBP945,340. As in previous years, the Directors do not intend to recommend a final dividend.
Annual General Meeting
The annual general meeting of Concurrent Technologies Plc will be held at the Company's offices at 4 Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, on 25 May 2017 at 2:30pm.
All trademarks, registered trademarks and trade names used in this announcement are the property of their respective owners.
Consolidated Statement of Comprehensive Income
Hot Features
Premium
Year to Year to
31 December 31 December
2016 2015
CONTINUING OPERATIONS GBP GBP
Revenue 16,423,978 17,073,829
Cost of sales 7,529,867 8,437,564
----------- -----------
Gross profit 8,894,111 8,636,265
Operating expenses 6,040,302 5,945,140
=========== ===========
Group operating profit 2,853,809 2,691,125
Finance income 48,705 42,292
----------- -----------
Profit before tax 2,902,514 2,733,417
Tax 72,609 (21,351)
----------- -----------
Profit for the year 2,829,905 2,754,768
=========== ===========
Other Comprehensive Income
Items that will be reclassified
subsequently to profit or
loss:
Exchange differences on translating
foreign operations 415,966 62,918
Tax relating to components - -
of other comprehensive income
Other Comprehensive Income
for the year, net of tax 415,966 62,918
Total Comprehensive Income
for the year 3,245,871 2,817,686
=========== ===========
Profit for the period attributable
to:
----------- -----------
Equity holders of the parent 2,829,905 2,754,768
----------- -----------
Total Comprehensive Income
attributable to:
Equity holders of the parent 3,245,871 2,817,686
----------- -----------
Earnings per share
Basic earnings per share 3.90p 3.79p
Diluted earnings per share 3.90p 3.79p
Consolidated Balance Sheet
As at As at
31 December 31 December
2016 2015
GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 414,209 690,357
Intangible assets 6,846,520 6,307,044
Deferred tax assets 112,128 129,647
7,372,857 7,127,048
Current assets
Inventories 3,239,855 3,774,285
Trade and other receivables 3,327,629 2,520,573
Current tax assets 93,156 284,419
Other financial assets 1,000,000 1,000,000
Cash and cash equivalents 6,773,083 4,873,815
----------- -----------
14,433,723 12,453,092
Total assets 21,806,580 19,580,140
----------- -----------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 1,291,468 1,305,237
Long term provisions 6,699 9,968
----------- -----------
1,298,167 1,315,205
Current liabilities
Trade and other payables 2,810,655 2,411,524
Short term provisions 23,939 31,897
Current tax liabilities - -
-----------
2,834,594 2,443,421
Total liabilities 4,132,761 3,758,626
----------- -----------
Net assets 17,673,819 15,821,514
=========== ===========
EQUITY
Capital and reserves
Share capital 739,000 739,000
Share premium account 3,693,818 3,693,818
Capital redemption reserve 256,976 256,976
Cumulative translation reserve 494,607 78,641
Profit and loss account 12,489,418 11,053,079
----------- -----------
Equity attributable to equity
holders of the parent 17,673,819 15,821,514
Total equity 17,673,819 15,821,514
=========== ===========
Consolidated Cash Flow Statement
Year to Year to
31 December 31 December
2016 2015
GBP GBP
Cash flows from operating
activities
Profit before tax for the
period 2,902,514 2,733,417
Adjustments for:
Finance income (48,705) (42,292)
Depreciation 196,370 224,778
Amortisation 1,254,826 1,254,083
Impairment loss 499,509 690,201
Loss/(profit) on disposal
of property, plant and
equipment (PPE) 233,840 (1,334)
Share-based payment 13,585 26,192
Exchange differences 76,461 86,711
Decrease/(increase) in
inventories 534,430 (1,074,627)
(Increase)/decrease in
trade and other receivables (927,530) 269,853
Increase/(decrease) in
trade and other payables 558,815 (88,371)
----------- -----------
Cash generated from operations 5,294,115 4,078,611
Tax received 116,142 48,956
----------- -----------
Net cash generated from operating
activities 5,410,257 4,127,567
----------- -----------
Cash flows from investing
activities
Interest received 48,705 42,292
Cash released from/(placed)
on deposit - (1,000,000)
Purchases of property, plant
and equipment (PPE) (138,181) (305,874)
Proceeds from sale of PPE - 1,500
Capitalisation of development
costs and purchases of intangible
assets (2,290,889) (2,231,637)
----------- -----------
Net cash used in investing
activities (2,380,365) (3,493,719)
Cash flows from financing
activities
Equity dividends paid (1,452,689) (1,343,141)
Exercise of share options 51,800 -
Purchase of treasury shares - (15,461)
----------- -----------
Net cash used in financing
activities (1,400,889) (1,358,602)
Effects of exchange rate
changes on cash and cash
equivalents 270,265 (25,936)
Net increase/(decrease) in
cash 1,899,268 (750,690)
Cash at beginning of period 4,873,815 5,624,505
----------- -----------
Cash at the end of the period 6,773,083 4,873,815
=========== ===========
Consolidated Statement of Changes in Equity
Capital Cumulative Profit
Share Share redemption translation and loss Total
capital premium reserve reserve account Equity
GBP GBP GBP GBP GBP GBP
Balance at 1
January 2015 739,000 3,693,818 256,976 15,723 9,595,122 14,300,639
Profit for the
period - - - - 2,754,768 2,754,768
Exchange
differences
on translating
foreign
operations - - - 62,918 - 62,918
---------------- ---------------- ---------------- ---------------- ------------------ -----------
Total
comprehensive
income for the
period - - - 62,918 2,754,768 2,817,686
Transactions
with owners:
Share-based
payment - - - - 26,192 26,192
Deferred tax
on share based
payment - - - - 35,599 35,599
Dividends paid - - - - (1,343,141) (1,343,141)
Purchase of
treasury
shares - - - - (15,461) (15,461)
---------------- ---------------- ---------------- ---------------- ------------------ -----------
Balance at 31
December 2015 739,000 3,693,818 256,976 78,641 11,053,079 15,821,514
================ ================ ================ ================ ================== ===========
Profit for the
period - - - - 2,829,905 2,829,905
Exchange
differences
on translating
foreign
operations - - - 415,966 - 415,966
---------------- ---------------- ---------------- ---------------- ------------------ -----------
Total
comprehensive
income for the
period - - - 415,966 2,829,905 3,245,871
Transactions
with owners:
Share-based
payment - - - - 13,585 13,585
Deferred tax
on share based
payment - - - - (6,262) (6,262)
Dividends paid - - - - (1,452,689) (1,452,689)
Transfer of
treasury
shares - - - - 51,800 51,800
---------------- ---------------- ---------------- ---------------- ------------------ -----------
Balance at 31
December 2016 739,000 3,693,818 256,976 494,607 12,489,418 17,673,819
================ ================ ================ ================ ================== ===========
NOTES
1. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the 'Group'). The financial information set out in these preliminary results has been prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by European Union. The accounting policies adopted in this results announcement have been consistently applied to all the years presented and are consistent with the policies used in the preparation of the statutory accounts for the period ended 31 December 2015. The consolidated financial information is presented in sterling (GBP), which is the company's functional and the Group's presentation currency.
2. The financial information set out above does not constitute the Group's statutory accounts for the years ended 31 December 2016 or 2015, but is derived from those accounts. Statutory accounts for 2015 have been delivered to the Registrar of Companies and those for 2016 will be delivered following the Annual General Meeting. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not contain statements under section 498(2) or (3) of the Companies Act 2006 in respect of 2015 or 2016 and (iii) did not draw attention to any matters by way of emphasis.
3. The calculation of basic earnings per share is based on the weighted average number of Ordinary Shares in issue during 2016 of 72,635,976 (2015: 72,594,150) allowing for any adjustment made as a consequence of the Company having issued no Ordinary Shares during 2016 (2015: nil) and on the profit after tax for 2016 of GBP2,829,905 (2015: GBP2,754,768). The calculation of diluted earnings per share incorporates 2,457 Ordinary Shares (2015: nil) in respect of performance related employee share options. The profit after tax is the same as for basic earnings per share.
4. The annual general meeting of Concurrent Technologies Plc will be held at the Company's offices at 4 Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, on 25 May 2017 at 2:30pm.
Copies of the Annual Report will be sent to Shareholders and will also be available from the Company's Registered Office: 4, Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, UK, and on the Company's website: www.cct.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAXDDAEFXEFF
(END) Dow Jones Newswires
March 24, 2017 03:00 ET (07:00 GMT)
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