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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 102.00 | 101.00 | 103.00 | 102.00 | 101.50 | 102.00 | 170,632 | 08:00:03 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Printed Circuit Boards | 18.28M | 987k | 0.0115 | 88.70 | 87.35M |
TIDMCNC
RNS Number : 1759I
Concurrent Technologies PLC
26 August 2016
26 August 2016
CONCURRENT TECHNOLOGIES PLC
(the "Company")
Interim Results for the six months ended 30 June 2016
Concurrent Technologies Plc (AIM: CNC), a world leading specialist in the design and manufacture of high-end embedded computer products, for critical applications in the defence, aerospace, transportation, telecommunications, scientific and industrial markets, announces interim results for the six months to 30 June 2016.
Financial Highlights:
-- Turnover for period GBP9.0m (H1 2015: GBP9.6m) -- Improvement in Gross Margins to 54.8% (H1 2015: 48.7%) -- Profit before tax GBP1.5m (H1 2015: GBP1.6m) -- Earnings per share for the period 2.12p (H1 2015: 2.06p) -- Interim dividend declared 0.80p per share (H1 2015: 0.70p), an increase of 14.3% -- Net cash, including cash deposits GBP8.2m (H1 2015: GBP5.7m); no borrowings
Operational Highlights:
-- Exports increased to 81% of total revenues -- Continued high level of investment in R&D -- Introduction of development platforms
Michael Collins, Chairman, commented:
"After a strong performance in the first half of the year we have started the second half with a healthy order book and balance sheet. The outlook for the remainder of this year remains positive."
Enquiries:
Concurrent Technologies Plc Glen Fawcett, CEO +44 (0)1206 752 626 Newgate (Financial PR) Bob Huxford Helena Bogle +44 (0)20 7653 9850 Cenkos Securities plc (NOMAD) Neil McDonald +44 (0)131 220 9771 Nick Tulloch/Beth McKiernan +44 (0)131 220 9772/8
CHAIRMAN'S STATEMENT
Financial Summary
I am very pleased to report an excellent start to 2016, continuing the strong performance seen at the end of 2015. EBITDA for the six months to 30 June 2016 was GBP2.2m (H1 2015: GBP2.3m). The unaudited profit before tax for the same period was GBP1.5m (H1 2015: GBP1.6m) with associated earnings per share of 2.12 pence (H1 2015: 2.06 pence). Group Revenues at GBP9.0m (H1 2015: GBP9.6m) were slightly below the exceptional performance of the first half of last year. Gross Margins were much improved at 54.8% (H1 2015: 48.7%).
The Group balance sheet is also stronger and our cash balances (including cash deposits) at 30 June 2016 were GBP8.2m (H1 2015: GBP5.7m), despite the increased dividend payment made during the period and R&D expenditure having been maintained at the same levels as the first half of 2015 (GBP1.6m).
Dividend
The Board has declared a first interim dividend of 0.80p per share (H1 2015: 0.70p) - an increase of 14.3%. The total cost of this dividend will amount to GBP580,948. The ex-dividend date for the interim dividend is 15 September 2016, the record date is 16 September 2016 and the payment date is 30 September 2016.
Review of Operations
Defence related revenues increased significantly during the first six months compared to the first half of 2015. Revenues were generated from all regions but predominantly from the US. Sales related to industrial applications have also improved during the period due mainly to demand from overseas customers. Exports have increased to 81% of total Group revenues (H1 2015: 52%)
We have continued to extend our VPX(TM) product range by offering development platforms which provide our customers with a quick start to assist them in the development of their systems.
The majority of the Company's world-wide transactions are conducted in sterling and in US dollars and so, following the recent sharp decline in the value of sterling against the US dollar, the Company conducted an additional review of its financial risk and trading plans. The review confirmed that the Company's exposure to exchange risk in the short to medium term is still mitigated to a large extent by the ability to offset receipts from sales against payments for purchases in the same currency. We can also expect to benefit from dollar denominated exports to the USA in the short term.
Future Plans
We will continue to expand our range by developing products for the VPX(TM), VME, AMC and CompactPCI(R) bus architectures. Many versions of these products will be designed for use in harsh environments, particularly for military applications and we continue to recruit engineers in our design facilities in the UK, US and India, to enable the Company to develop more sophisticated ruggedized versions of our products.
Complementary software and firmware packages continue to be developed to provide high-speed data transfer, ease of integration and security which further enhance our product portfolio. We will maintain our strategy of designing more innovative products for complex, high technology, low to medium volume and high margin applications.
Outlook
After a strong performance in the first half of the year we have started the second half with a healthy order book and balance sheet. The outlook for the remainder of this year remains positive.
Michael Collins
Chairman
25 August 2016
All companies and product names are trademarks of their respective organisations.
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
unaudited interim results to 30 June 2016
Six months Six months Year ended ended ended Note 30/06/16 30/06/15 31/12/15 GBP GBP GBP CONTINUING OPERATIONS Revenue 8,970,694 9,595,467 17,073,829 Cost of sales 4,054,125 4,923,619 8,437,564 ----------------------------------- ---- ---------- ---------- ---------- Gross profit 4,916,569 4,671,848 8,636,265 Net operating expenses 3,397,753 3,078,775 5,945,140 ----------------------------------- ---- ---------- ---------- ---------- Group operating profit 1,518,816 1,593,073 2,691,125 Finance income 26,336 17,224 42,292 ----------------------------------- ---- ---------- ---------- ---------- Profit before tax 1,545,152 1,610,297 2,733,417 Tax 4,824 112,420 (21,351) ----------------------------------- ---- ---------- ---------- ---------- Profit for the period 1,540,328 1,497,877 2,754,768 ----------------------------------- ---- ---------- ---------- ---------- Other Comprehensive Income Exchange differences on translating foreign operations 223,385 79,535 62,918 Tax relating to components - - - of other comprehensive income ----------------------------------- ---- ---------- ---------- ---------- Other Comprehensive Income for the period, net of tax 223,385 79,535 62,918 ----------------------------------- ---- ---------- ---------- ---------- Total Comprehensive Income for the period 1,763,713 1,577,412 2,817,686 ----------------------------------- ---- ---------- ---------- ---------- Profit for the period attributable to: ----------------------------------- ---- ---------- ---------- ---------- Equity holders of the parent 1,540,328 1,497,877 2,754,768 ----------------------------------- ---- ---------- ---------- ---------- Total Comprehensive Income attributable to: ----------------------------------- ---- ---------- ---------- ---------- Equity holders of the parent 1,763,713 1,577,412 2,817,686 ----------------------------------- ---- ---------- ---------- ---------- Earnings per share Basic earnings per share 4 2.12p 2.06p 3.79p Diluted earnings per share 4 2.12p 2.06p 3.79p
CONDENSED CONSOLIDATED BALANCE SHEET
unaudited interim results to 30 June 2016
As at As at As at 30/06/16 30/06/15 31/12/15 ASSETS GBP GBP GBP Non-current assets Property, plant and equipment 643,786 695,632 690,357 Intangible assets 6,397,135 6,026,976 6,307,044 Deferred tax assets 101,361 105,398 129,647 7,142,282 6,828,006 7,127,048 Current assets Inventories 2,870,131 4,184,343 3,774,285 Trade and other receivables 2,642,486 3,095,560 2,520,573 Current tax assets 163,180 75,565 284,419 Other financial assets - - 1,000,000 Cash and cash equivalents 8,179,993 5,700,287 4,873,815 ------------------------------- ---------- ---------- ---------- 13,855,790 13,055,755 12,452,092 Total assets 20,998,072 19,883,761 19,580,140 ------------------------------- ---------- ---------- ---------- LIABILITIES Non-current liabilities Deferred tax liabilities 1,280,077 1,283,929 1,305,237 Long term provisions 10,398 10,981 9,968 ------------------------------- ---------- ---------- ---------- 1,290,475 1,294,910 1,315,205 Current liabilities Trade and other payables 2,938,487 3,488,379 2,411,524 Short term provisions 32,712 33,726 31,897 Current tax liabilities 6,735 3,072 - ------------------------------- ---------- ---------- ----------
2,977,934 3,525,177 2,443,421 Total liabilities 4,268,409 4,820,087 3,758,626 ------------------------------- ---------- ---------- ---------- Net assets 16,729,663 15,063,674 15,821,514 ------------------------------- ---------- ---------- ---------- EQUITY Capital and reserves Share capital 739,000 739,000 739,000 Share premium account 3,693,818 3,693,818 3,693,818 Capital redemption reserve 256,976 256,976 256,976 Cumulative translation reserve 302,026 95,258 78,641 Profit and loss account 11,737,843 10,278,622 11,053,079 ------------------------------- ---------- ---------- ---------- Equity attributable to equity holders of the parent 16,729,663 15,063,674 15,821,514 Total equity 16,729,663 15,063,674 15,821,514 ------------------------------- ---------- ---------- ----------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
unaudited interim results to 30 June 2016
Six months Six months Year ended ended ended 30/06/16 30/06/15 31/12/15 GBP GBP GBP Cash flows from operating activities Profit before tax for the period 1,545,152 1,610,297 2,733,417 Adjustments for: Finance income (26,336) (17,224) (42,292) Depreciation 98,966 106,821 224,778 Amortisation 627,065 638,198 1,254,083 Impairment loss 499,509 505,727 690,201 Loss on disposal of property, plant and equipment - - (1,334) Share-based payment 1,139 9,787 26,192 Exchange differences 272,299 94,681 86,711 (Increase)/decrease in inventories 904,154 (1,484,685) (1,074,627) (Increase)/decrease in trade and other receivables (121,913) (305,134) 269,853 Increase/(decrease) in trade and other payables 528,208 991,326 (88,371) ---------------------------------- ----------- ----------- ----------- Cash generated from operations 4,328,243 2,149,794 4,078,611 Tax received/(paid) 120,715 105,193 48,956 ---------------------------------- ----------- ----------- ----------- Net cash generated from operating activities 4,448,958 2,254,987 4,127,567 ---------------------------------- ----------- ----------- ----------- Cash flows from investing activities Interest received 26,336 17,224 42,292 Cash placed on deposit 1,000,000 - (1,000,000) Purchases of property, plant and equipment (PPE) (43,728) (195,398) (305,874) Proceeds from sale of PPE 1,500 Purchases of intangible assets (1,214,874) (1,152,257) (2,231,637) ---------------------------------- ----------- ----------- ----------- Net cash used in investing activities (232,266) (1,330,431) (3,493,719) ---------------------------------- ----------- ----------- ----------- Cash flows from financing activities Equity dividends paid (870,942) (834,904) (1,343,141) Sale/(Purchase) of treasury shares 19,800 - (15,461) Net cash used in financing activities (851,142) (834,904) (1,358,602) ---------------------------------- ----------- ----------- ----------- Effects of exchange rate changes on cash and cash equivalents (59,372) (13,870) (25,936) Net increase/(decrease) in cash 3,306,178 75,782 (750,690) Cash at beginning of period 4,873,815 5,624,505 5,624,505 ---------------------------------- ----------- ----------- ----------- Cash at the end of the period 8,179,993 5,700,287 4,873,815 ---------------------------------- ----------- ----------- -----------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
unaudited interim results to 30 June 2016
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 - - - - 1,497,877 1,497,877 Exchange differences on translating foreign operations - - - 79,535 - 79,535 ------------------------ -------- --------- ----------- ------------ ---------- ---------- Total recognised comprehensive income for the period - - - 79,535 1,497,877 1,577,412 Share-based payment - - - - 9,787 9,787 Deferred tax on share based payment - - - - 10,740 10,740 Dividends paid - - - - (834,904) (834,904) Balance at 30 June 2015 739,000 3,693,818 256,976 95,258 10,278,622 15,063,674 ------------------------ -------- --------- ----------- ------------ ---------- ---------- Profit for the period - - - - 1,256,891 1,256,891 Exchange differences on translating foreign operations - - - (16,617) - (16,617) ------------------------ -------- --------- ----------- ------------ ---------- ---------- Total recognised comprehensive income for the period - - - (16,617) 1,256,891 1,240,274 Share-based payment - - - - 16,405 16,405 Deferred tax on share based payment - - - - 24,859 24,859 Dividends paid - - - - (508,237) (508,237) 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 - - - - 1,540,328 1,540,328 Exchange differences on translating foreign operations - - - 223,385 - 223,385 ------------------------ -------- --------- ----------- ------------ ---------- ---------- Total recognised comprehensive income for the period - - - 223,385 1,540,328 1,763,713 Share-based payment - - - - 1,139 1,139 Deferred tax on share based payment - - - - (5,561) (5,561) Dividends paid - - - - (870,942) (870,942) Sale of treasury shares - - - - 19,800 19,800 Balance at 30 June 2016 739,000 3,693,818 256,976 302,026 11,737,843 16,729,663 ------------------------ -------- --------- ----------- ------------ ---------- ----------
NOTES TO THE INTERIM REPORT
1. General information The principal activity of Concurrent Technologies Plc and its subsidiaries ("the Group") is the design, development, manufacture and marketing of single board computers for system integrators and original equipment manufacturers. 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 (GBP), 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 25 August 2016. The information relating to the six months ended 30 June 2016 and 30 June 2015 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 2015, 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 2016. 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 2015, 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 2015, 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 2016 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, share options. The inputs to the earnings per share calculation are shown below: Six months Six months ended ended Year ended 30/06/16 30/06/15 31/12/15 GBP GBP GBP Profit attributable to ordinary equity holders 1,540,328 1,497,877 2,754,768 ----------------------------- --- ----------- ----------- ----------- Six months Six months ended ended Year ended 30/06/16 30/06/15 31/12/15 N(o) N(o) N(o) Weighted average number of ordinary shares for basic earnings per share 72,604,009 72,600,490 72,594,150 Adjustment for share options 481 7,872 - ----------------------------- --- ----------- ----------- ----------- Weighted average number of ordinary shares for diluted earnings per share 72,604,490 72,608,362 72,594,150 ----------------------------- --- ----------- ----------- ----------- 5. Post reporting date events There were no material events subsequent to the end of the interim reporting period that have not been reflected in these interim financial statements. 6. Shareholder Communication A copy of this interim statement 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.cct.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UVUSRNOAWUAR
(END) Dow Jones Newswires
August 26, 2016 02:00 ET (06:00 GMT)
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