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CNC Concurrent Technologies Plc

83.50
0.50 (0.60%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.50 0.60% 83.50 82.00 85.00 83.50 82.50 83.00 134,299 15:22:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Printed Circuit Boards 18.28M 987k 0.0115 72.61 71.51M

Concurrent Technologies PLC Interim Results for the six months ended 30 Jun 17 (9613Q)

18/09/2017 7:00am

UK Regulatory


Concurrent Technologies (LSE:CNC)
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TIDMCNC

RNS Number : 9613Q

Concurrent Technologies PLC

18 September 2017

18 September 2017

Concurrent Technologies Plc

(the "Company" or the "Group")

Interim Results for the six months ended 30 June 2017

Concurrent Technologies Plc (AIM: CNC), a world leading specialist in the design and manufacture of high-end embedded computer boards for critical applications, announces interim results for the six months to 30 June 2017.

Financial Highlights

   --    Turnover of GBP7.8m (H1 2016: GBP9.0m)(1) 
   --    Gross profit GBP4.3m (H1 2016: GBP4.9m) 
   --    Gross margin maintained at 54.8% (H1 2016: 54.8%) 
   --    Profit before tax of GBP1.4m (H1 2016: GBP1.5m) 
   --    EPS of 1.84 pence (H1 2016: 2.12 pence) 
   --    Interim dividend increased by 12.5% to 0.90p per share (H1 2016: 0.80p) 
   --    Cash balance (including cash deposits) at 30 June 2017 of GBP7.9m (H1 2016: GBP8.2m) 
   1.     H1 2016 turnover was inflated by an exceptional sale 

Operational Highlights

-- Defence related sales, in particular from US customers, now account for more than half of the Group revenues and continue to drive the business

   --     Expanding global customer base with exports generating 84% of Group revenues (H1 2016: 81%) 

-- GBP1.2m invested into R&D during the period, resulting in strong pipeline of future product releases

-- Release of two new rugged conduction-cooled boards, plus the launch of new range of Intel(R) Xeon(R) boards during the period

Michael Collins, Chairman of Concurrent Technologies Plc, commented:

"After a solid performance in the first-half of the year we have started the second-half with an expanding list of customers, many new opportunities and a strong balance sheet. The outlook for the future remains positive."

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 
 

About Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded computer products 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 traditionally feature Intel(R) processors, including the latest generation Intel(R) Core(TM) i7 processors, Intel(R) Xeon(R) and Intel(R) Atom(TM) processors. More recently NVIDIA(R) Tegra(R) K1 devices have been added to the product ranges along with complementary switch and I/O boards. 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.cct.co.uk

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

CHAIRMAN'S STATEMENT

Financial Summary

I am pleased to report a good performance for the first-half of 2017, consolidating the strong performances from the last two years.

Revenue for the period was GBP7.8m (H1 2016: GBP9.0m), the variance is largely due to an exceptional sale in early 2016 and defence customer delays in H1 2017. Gross profitability was GBP4.3m (H1 2016: GBP4.9m). Gross margins were maintained at 54.8% (H1 2016: 54.8%). The unaudited profit before tax for the same period was GBP1.4m (H1 2016: GBP1.5m) with associated earnings per share of 1.84 pence (H1 2016: 2.12 pence).

The Group balance sheet has been strengthened with cash balances (including cash deposits) at

30 June 2017 of GBP7.9m (H1 2016: GBP8.2m) and total equity increased to GBP18.0m (H1 2016: GBP16.7m).

Dividend

The Board has declared a first interim dividend of 0.90p per share (H1 2016: 0.80p) - an increase of 12.5%. The total cost of this dividend will amount to GBP654,466. The ex-dividend date for this interim dividend is 28 September 2017, the record date is 29 September 2017 and the payment date is 13 October 2017.

Review of Operations

Defence related revenues continue to drive the business, in particular from US customers, who now account for more than half of the Group sales. Exports generated 84% of total Group revenues (H1 2016: 81%). During this reporting period, many new customers have been gained.

The Group invested GBP1.2m during H1 2017 (H1 2016: GBP1.2m) in research and development for new products and their associated variants. This investment in innovative engineering solutions should help safeguard revenues in future years. Many products have completed exhaustive testing in the first-half of 2017 and the pipeline for future product releases is encouraging.

The Company still awaits confirmation of the trade and tariff legislation to be agreed by the UK Government with other countries. Because most countries, including the USA and those of the European Union, apply a zero-percentage import tariff rating to our products we don't expect our business to be affected. The vote to leave the European Union has had little impact on trading; the main effect has been seen in the difficulty of recruiting non-UK research and development engineers to work in the UK and we wait to see if this is just a temporary situation.

Future Plans

We will continue to expand our product ranges through the development of new boards and systems together with complementary software. In particular, we will focus on our VPX(TM) products in both ruggedized and non-ruggedized variants. These new products will be designed for our key market sectors of complex, high technology, low to medium volume and high margin applications.

To improve the development process, the Group will this year invest in more development equipment including a sophisticated multi-gigabit per second high-speed analyser. In addition, to provide a more flexible response to customer orders, a faster "pick and place" machine will be acquired in mid-2018. This type of machine is used for high-speed, fine-precision placement of surface-mount components onto printed circuit boards.

Outlook

After a solid performance in the first-half of the year we have started the second-half with an expanding list of customers, many new opportunities and a strong balance sheet. The outlook for the future remains positive.

Michael Collins

Chairman

15(th) September 2017

All companies and product names are trademarks of their respective organisations.

CONDENSED CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME

unaudited interim results to 30 June 2017

 
                                                   Six months          Six months                Year 
                                                        ended               ended               ended 
                                     Note            30/06/17            30/06/16            31/12/16 
                                                          GBP                 GBP                 GBP 
CONTINUING OPERATIONS 
Revenue                                       7,816,472           8,970,694         16,423,978 
Cost of sales                                 3,536,288           4,054,125           7,529,867 
===================================  ====  ==================  ==================  ================== 
Gross profit                                  4,280,184           4,916,569           8,894,111 
Net operating expenses                        2,914,116           3,397,753           6,040,302 
===================================  ====  ==================  ==================  ================== 
Group operating profit                        1,366,068           1,518,816           2,853,809 
Finance income                                     30,375              26,336              48,705 
===================================  ====  ==================  ==================  ================== 
Profit before tax                             1,396,443           1,545,152           2,902,514 
Tax                                                56,997               4,824              72,609 
===================================  ====  ==================  ==================  ================== 
Profit for the period                         1,339,446           1,540,328           2,829,905 
===================================  ====  ==================  ==================  ================== 
 
Other Comprehensive Income 
Exchange differences on 
 translating foreign operations                  (93,622)            223,385             415,966 
Tax relating to components                                  -                   -                   - 
 of other comprehensive 
 income 
===================================  ====  ==================  ==================  ================== 
Other Comprehensive Income 
 for the period, net of 
 tax                                             (93,622)            223,385             415,966 
===================================  ====  ==================  ==================  ================== 
Total Comprehensive Income 
 for the period                               1,245,824           1,763,713           3,245,871 
===================================  ====  ==================  ==================  ================== 
 
Profit for the period attributable 
 to: 
===================================  ====  ==================  ==================  ================== 
Equity holders of the parent                  1,339,446           1,540,328           2,829,905 
===================================  ====  ==================  ==================  ================== 
 
Total Comprehensive Income 
 attributable to: 
===================================  ====  ==================  ==================  ================== 
Equity holders of the parent                  1,245,824           1,763,713           3,245,871 
===================================  ====  ==================  ==================  ================== 
 
Earnings per share 
Basic earnings per share              4                 1.84p               2.12p               3.90p 
 
Diluted earnings per share            4                 1.84p               2.12p               3.90p 
 

CONDENSED CONSOLIDATED BALANCE SHEET

unaudited interim results to 30 June 2017

 
                                            As at             As at             As at 
                                         30/06/17          30/06/16          31/12/16 
ASSETS                                        GBP               GBP               GBP 
Non-current assets 
Property, plant and equipment          391,651           643,786           414,209 
Intangible assets                   7,369,683         6,397,135         6,846,520 
Deferred tax assets                    146,023           101,361           112,128 
                                    7,907,357         7,142,282         7,372,857 
Current assets 
Inventories                         3,334,750         2,870,131         3,239,855 
Trade and other receivables         2,526,923         2,642,486         3,327,629 
Current tax assets                     203,710           163,180             93,156 
Other financial assets                          -                 -     1,000,000 
Cash and cash equivalents           7,885,032         8,179,993         6,773,083 
===============================  ================  ================  ================ 
                                  13,950,415        13,855,790        14,433,723 
 
Total assets                      21,857,772        20,998,072        21,806,580 
===============================  ================  ================  ================ 
 
LIABILITIES 
Non-current liabilities 
Deferred tax liabilities            1,417,245         1,280,077         1,291,468 
Long term provisions                      3,986            10,398             6,699 
===============================  ================  ================  ================ 
                                    1,421,231         1,290,475         1,298,167 
Current liabilities 
Trade and other payables            2,384,949         2,938,487         2,810,655 
Short term provisions                    19,932            32,712            23,939 
Current tax liabilities                         -           6,735                   - 
==============================   ================  ================  ================ 
                                    2,404,881         2,977,934         2,834,594 
 
Total liabilities                   3,826,112         4,268,409         4,132,761 
===============================  ================  ================  ================ 
 
Net assets                        18,031,660        16,729,663        17,673,819 
===============================  ================  ================  ================ 
 
EQUITY 
Capital and reserves 
Share capital                          739,000           739,000           739,000 
Share premium account               3,684,871         3,693,818         3,693,818 
Capital redemption reserve             256,976           256,976           256,976 
Cumulative translation 
 reserve                               400,985           302,026           494,607 
Profit and loss account           12,949,828        11,737,843        12,489,418 
===============================  ================  ================  ================ 
Equity attributable to 
 equity holders of the parent     18,031,660        16,729,663        17,673,819 
 
Total equity                      18,031,660        16,729,663        17,673,819 
===============================  ================  ================  ================ 
 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

unaudited interim results to 30 June 2017

 
                                           Six months        Six months              Year 
                                                ended             ended             ended 
                                             30/06/17          30/06/16          31/12/16 
                                                  GBP               GBP               GBP 
Cash flows from operating 
 activities 
Profit before tax for the 
 period                                1,396,443          1,545,152         2,902,514 
Adjustments for: 
   Finance income                         (30,375)           (26,336)          (48,705) 
   Depreciation                             77,624             98,966          196,370 
   Amortisation                           620,878            627,065        1,254,826 
   Impairment loss                          31,064           499,509           499,509 
   Loss on disposal of property, 
    plant and equipment                            -                  -        233,840 
   Share-based payment                      13,611              1,139            13,585 
   Exchange differences                 (200,228)            272,299             76,461 
   (Increase)/decrease in 
    inventories                           (94,895)           904,154           534,430 
   (Increase)/decrease in 
    trade and other receivables           800,706          (121,913)         (927,530) 
   Increase/(decrease) in 
    trade and other payables            (432,426)            528,208           558,815 
==================================  =================  ================  ================ 
Cash generated from operations         2,182,402          4,328,243         5,294,115 
Tax received/(paid)                       (32,395)           120,715           116,142 
==================================  =================  ================  ================ 
Net cash generated from 
 operating activities                  2,150,007          4,448,958         5,410,257 
==================================  =================  ================  ================ 
 
Cash flows from investing 
 activities 
Interest received                           30,375             26,336            48,705 
Cash released from/(placed 
 on) deposit                           1,000,000          1,000,000                     - 
Purchases of property, 
 plant and equipment                      (56,977)           (43,728)        (138,181) 
Proceeds from sale of property,                    -                  -                 - 
 plant and equipment 
Purchases of intangible 
 assets                              (1,175,613)        (1,214,874)        (2,290,889) 
==================================  =================  ================  ================ 
Net cash used in investing 
 activities                             (202,215)          (232,266)       (2,380,365) 
==================================  =================  ================  ================ 
 
Cash flows from financing 
 activities 
Equity dividends paid                   (945,339)          (870,942)       (1,452,689) 
Sale/(purchase) of treasury 
 shares                                             -          19,800            51,800 
Net cash used in financing 
 activities                             (945,339)          (851,142)       (1,400,889) 
==================================  =================  ================  ================ 
 
Effects of exchange rate 
 changes on cash and cash 
 equivalents                              109,496            (59,372)          270,265 
 
Net increase/(decrease) 
 in cash                               1,111,949          3,306,178         1,899,268 
Cash at beginning of period            6,773,083          4,873,815         4,873,815 
==================================  =================  ================  ================ 
Cash at the end of the 
 period                                7,885,032          8,179,993         6,773,083 
==================================  =================  ================  ================ 
 
 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

unaudited interim results to 30 June 2017

 
                                                   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 
 2016                      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 
========================  ========  =========  ===========  ============  ==========  ========== 
 
Profit for the period            -          -            -             -   1,289,577   1,289,577 
Exchange differences 
 on translating foreign 
 operations                      -          -            -       192,581           -     192,581 
========================  ========  =========  ===========  ============  ==========  ========== 
Total recognised 
 comprehensive income 
 for the period                  -          -            -       192,581   1,289,577   1,482,158 
 
Share-based payment              -          -            -             -      12,446      12,446 
Deferred tax on 
 share based payment             -          -            -             -       (701)       (701) 
Dividends paid                   -          -            -             -   (581,747)   (581,747) 
Purchase of treasury 
 shares                          -          -            -             -      32,000      32,000 
Balance at 31 December 
 2016                      739,000  3,693,818      256,976       494,607  12,489,418  17,673,819 
========================  ========  =========  ===========  ============  ==========  ========== 
 
Profit for the period            -          -            -             -   1,339,446   1,339,446 
Exchange differences 
 on translating foreign 
 operations                      -          -            -      (93,622)           -    (93,622) 
========================  ========  =========  ===========  ============  ==========  ========== 
Total recognised 
 comprehensive income 
 for the period                  -          -            -      (93,622)   1,339,446   1,245,824 
 
Share-based payment              -          -            -             -      13,611      13,611 
Deferred tax on 
 share based payment             -          -            -             -      43,274      43,274 
Dividends paid                   -          -            -             -   (945,339)   (945,339) 
Sale of treasury 
 shares                          -    (8,947)            -             -       9,418         471 
Balance at 30 June 
 2017                      739,000  3,684,871      256,976       400,985  12,949,828  18,031,660 
========================  ========  =========  ===========  ============  ==========  ========== 
 

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 15(th) September, 2017. 
 
      The information relating to the six months 
      ended 30 June 2017 and 30 June 2016 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 2016, 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 2017. 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 2016, 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 2016, 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 
      2017 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 
                                       30/06/17     30/06/16     31/12/16 
                                            GBP          GBP          GBP 
 
 Profit attributable 
  to ordinary equity holders          1,339,446    1,540,328    2,829,905 
 =============================      ===========  ===========  =========== 
                                     Six months   Six months 
                                          ended        ended   Year ended 
                                       30/06/17     30/06/16     31/12/16 
                                           N(o)         N(o)         N(o) 
 Weighted average number 
  of ordinary 
  shares for basic earnings 
  per share                          72,718,490   72,604,009   72,635,976 
 Adjustment for share 
  options                                 2,457          481        2,457 
 =============================      ===========  ===========  =========== 
 Weighted average number 
  of ordinary shares for 
  diluted earnings per 
  share                              72,720,947   72,604,490   72,638,433 
 =============================      ===========  ===========  =========== 
 
 
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

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