We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.10 | -0.11% | 92.40 | 92.00 | 94.00 | 93.50 | 92.50 | 93.00 | 785,042 | 16:35:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Printed Circuit Boards | 18.28M | 987k | 0.0115 | 80.87 | 79.64M |
From Apr 2019 to Apr 2024
TIDMCNC
RNS Number : 4749A
Concurrent Technologies PLC
12 September 2018
12 September 2018
Concurrent Technologies Plc
(the "Company" or the "Group")
Interim Results for the six months ended 30 June 2018
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 2018.
Financial Highlights
-- Turnover of GBP7.9m (H1 2017: GBP7.8m) -- Gross profit GBP4.1m (H1 2017: GBP4.3m) -- Gross margin 51.7% (H1 2017: 54.8%) -- Profit before tax of GBP1.1m (H1 2017: GBP1.4m) -- EPS of 1.50 pence (H1 2017: 1.84 pence) -- Interim dividend increased to 0.95p per share (H1 2017: 0.90p) -- Cash balance (including cash deposits) at 30 June 2018 of GBP7.8m (H1 2017: GBP7.9m)
Operational Highlights
-- Sales into the defence sector continue to be strong and now account for 59% of H1 Group turnover
-- Global customer base continues to expand with exports generating 88% of Group revenues (H1 2017: 84%)
-- Investment in R&D during the period matched 2017 levels at GBP1.2m
-- Several new boards and board variants have been launched in 2018 along with the roll out of the enhanced security package
Michael Collins, Chairman of Concurrent Technologies Plc, commented:
"The first-half of 2018 has been an exciting one for the Group, with new products, new partnerships and new opportunities. Our specialised product ranges, processes and excellent customer relationships all demonstrate that Concurrent Technologies is well placed for the future."
Enquiries:
Concurrent Technologies Plc Glen Fawcett, CEO +44 (0)1206 752626 Newgate (Financial PR) Bob Huxford +44 (0)20 7653 9848 Imogen Humphreys +44 (0)20 7653 9840 Cenkos Securities Plc (NOMAD) Neil McDonald +44 (0)131 220 9771 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 feature Intel(R) processors, including the latest 8(th) generation Intel(R) Core(TM) processors, Intel(R) Xeon(R) and Intel(R) Atom(TM) 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.
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 2018, with strong sales, profit before tax and investment in the first six months.
Revenue for the period was GBP7.9m (H1 2017: GBP7.8m), gross margin was slightly lower at 51.7% mainly due to a change in the sales mix of products (H1 2017: 54.8%) and gross profit was GBP4.1m (H1 2017: GBP4.3m). The unaudited profit before tax for the same period was GBP1.1m (H1 2017: GBP1.4m) with associated earnings per share of 1.50 pence (H1 2017: 1.84 pence).
The Group's balance sheet remains robust with cash balances (including cash deposits) at 30 June 2018 of GBP7.8m (H1 2017: GBP7.9m) and total equity increased to GBP19.0m (H1 2017: GBP18.0m).
Dividend
The Board has declared a first interim dividend of 0.95p per share (H1 2017: 0.90p) - an increase of 5.6%. The total cost of this dividend will amount to GBP690,826. The ex-dividend date for this interim dividend is 27 September 2018, the record date is 28 September 2018 and the payment date is 12 October 2018.
Review of Operations
The key driver of our turnover continues to be the defence sectors. The United States remains our main market, but we are seeing increasing interest from other areas of the world, particularly the Asian markets.
This success in the defence market will not detract from our continuing commitment to the telecommunications and specialist scientific sectors where the Group continues to develop new innovative products.
The Group continues to expand its engineering capability in the UK, USA and India. Investment in H1 2018 was maintained at GBP1.2m (H1 2017: GBP1.2m), which enabled the Group to launch several new products and many variants during the six-month period, including the announcement of a VPX(TM) product based on Intel Corporation's 8(th) generation processor. The Group also released its enhanced suite of security packages which are compatible with industry standards.
The Company awaits details of the trade and tariff legislation to be agreed between the UK Government and other countries once the UK has left the European Union (EU). Our current assessment has concluded that, while there may be logistical disruption following the UK's departure, leaving the EU will have little lasting impact on our trading. Most countries, including the USA and those of the European Union, apply a zero-percentage import tariff rating to our products. Current World Trade Organisation (WTO) rules also apply a zero-tariff rating to items we buy and sell.
Future Plans
We will continue to develop our product ranges, in particular focusing on the VPX(TM) architecture both at board and development system level. To broaden the market appeal of the Group's products we will develop more partnerships with companies offering complementary products.
Our production capabilities are constantly being revised and improved. A faster "pick and place" machine and an enhanced screen printer have been installed and are now both operational. This equipment is used for high-speed, fine-precision placement of surface-mount components onto printed circuit boards. This investment will allow a faster and more flexible response to customer orders as well as addressing the need to accommodate advances in component technologies.
Outlook
The first-half of 2018 has been an exciting one for the Group, with new products, new partnerships and new opportunities. Our specialised product ranges, processes and excellent customer relationships all demonstrate that Concurrent Technologies is well placed for the future.
Michael Collins
Chairman
11(th) September 2018
All companies and product names are trademarks of their respective organisations.
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
unaudited interim results to 30 June 2018
Hot Features
Premium
Six months Six months
ended ended Year ended
Note 30/06/18 30/06/17 31/12/17
GBP GBP GBP
CONTINUING OPERATIONS
Revenue 7,879,517 7,816,472 16,222,732
Cost of sales 3,802,942 3,536,288 7,231,876
---------------------------------------- ---- ------------------ ------------------ ------------------
Gross profit 4,076,575 4,280,184 8,990,856
Net operating expenses 3,020,677 2,914,116 6,086,516
---------------------------------------- ---- ------------------ ------------------ ------------------
Group operating profit 1,055,898 1,366,068 2,904,340
Finance income 37,101 30,375 65,117
---------------------------------------- ---- ------------------ ------------------ ------------------
Profit before tax 1,092,999 1,396,443 2,969,457
Tax 3,630 56,997 213,836
---------------------------------------- ---- ------------------ ------------------ ------------------
Profit for the period 1,089,369 1,339,446 2,755,621
---------------------------------------- ---- ------------------ ------------------ ------------------
Other Comprehensive Income
Exchange differences on translating
foreign operations 244,712 (93,622) (189,150)
Tax relating to components of other - - -
comprehensive income
---------------------------------------- ---- ------------------ ------------------ ------------------
Other Comprehensive Income for
the period, net of tax 244,712 (93,622) (189,150)
---------------------------------------- ---- ------------------ ------------------ ------------------
Total Comprehensive Income for
the period 1,334,081 1,245,824 2,566,471
---------------------------------------- ---- ------------------ ------------------ ------------------
Profit for the period attributable
to:
---------------------------------------- ---- ------------------ ------------------ ------------------
Equity holders of the parent 1,089,369 1,339,446 2,755,621
---------------------------------------- ---- ------------------ ------------------ ------------------
Total Comprehensive Income attributable
to:
---------------------------------------- ---- ------------------ ------------------ ------------------ Equity holders of the parent 1,334,081 1,245,824 2,566,471 ---------------------------------------- ---- ------------------ ------------------ ------------------ Earnings per share Basic earnings per share 4 1.50p 1.84p 3.79p Diluted earnings per share 4 1.50p 1.84p 3.79p
CONDENSED CONSOLIDATED BALANCE SHEET
unaudited interim results to 30 June 2018
As at As at As at
30/06/18 30/06/17 31/12/17
ASSETS GBP GBP GBP
Non-current assets
Property, plant and equipment 449,860 391,651 482,254
Intangible assets 7,801,410 7,369,683 7,397,512
Deferred tax assets 178,299 146,023 170,495
--------------------------------------- -------------- ---------------- ----------------
8,429,569 7,907,357 8,050,261
Current assets
Inventories 3,759,675 3,334,750 3,222,800
Trade and other receivables 3,445,776 2,526,923 2,740,335
Current tax assets 434,576 203,710 135,224
Other financial assets 3,410,970 - 2,502,281
Cash and cash equivalents 4,399,892 7,885,032 5,892,304
--------------------------------------- -------------- ---------------- ----------------
15,450,889 13,950,415 14,492,944
Total assets 23,880,458 21,857,772 22,543,205
--------------------------------------- -------------- ---------------- ----------------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 1,553,918 1,417,245 1,473,815
Long term provisions 3,059 3,986 4,097
--------------------------------------- -------------- ---------------- ----------------
1,556,977 1,421,231 1,477,912
Current liabilities
Trade and other payables 3,258,958 2,384,949 2,332,599
Short term provisions 21,410 19,932 16,644
Current tax liabilities 25,211 - -
-------------------------------------- -------------- ---------------- ----------------
3,305,579 2,404,881 2,349,243
Total liabilities 4,862,556 3,826,112 3,827,155
--------------------------------------- -------------- ---------------- ----------------
Net assets 19,017,902 18,031,660 18,716,050
--------------------------------------- -------------- ---------------- ----------------
EQUITY
Capital and reserves
Share capital 739,000 739,000 739,000
Share premium account 3,699,105 3,684,871 3,699,105
Capital redemption reserve 256,976 256,976 256,976
Cumulative translation reserve 550,169 400,985 305,457
Profit and loss account 13,772,652 12,949,828 13,715,512
--------------------------------------- -------------- ---------------- ----------------
Equity attributable to equity holders
of the parent 19,017,902 18,031,660 18,716,050
Total equity 19,017,902 18,031,660 18,716,050
--------------------------------------- -------------- ---------------- ----------------
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
unaudited interim results to 30 June 2018
Six months Six months
ended ended Year ended
30/06/18 30/06/17 31/12/17
GBP GBP GBP
Cash flows from operating activities
Profit before tax for the period 1,092,999 1,396,443 2,969,457
Adjustments for:
Finance income (37,101) (30,375) (65,117)
Depreciation 103,174 77,624 194,529
Amortisation 756,545 620,878 1,294,457
Impairment loss 63,223 31,064 286,888
Loss on disposal of property,
plant and equipment - - (3,750)
Share-based payment (77,595) 13,611 27,448
Exchange differences 202,262 (200,228) (110,755)
(Increase)/decrease in inventories (536,875) (94,895) 17,055
(Increase)/decrease in trade and
other receivables (708,092) 800,706 587,294
Increase/(decrease) in trade and
other payables 761,192 (432,426) (487,953)
--------------------------------------- ----------------- ----------------- --------------
Cash generated from operations 1,619,732 2,182,402 4,709,553
Tax received/(paid) (8,851) (32,395) (83,808)
--------------------------------------- ----------------- ----------------- --------------
Net cash generated from operating
activities 1,610,881 2,150,007 4,625,745
--------------------------------------- ----------------- ----------------- --------------
Cash flows from investing activities
Interest received 37,101 30,375 65,117
Cash released from/(placed on)
deposit (909,131) 1,000,000 1,502,281)
Purchases of property, plant and
equipment (72,930) (56,977) (267,855)
Proceeds from sale of property,
plant and equipment - - 3,750
Purchases of intangible assets (1,223,668) (1,175,613) (2,133,046)
--------------------------------------- ----------------- ----------------- --------------
Net cash used in investing activities (2,168,628) (202,215) (3,834,315)
--------------------------------------- ----------------- ----------------- --------------
Cash flows from financing activities
Equity dividends paid (945,339) (945,339) (1,599,804)
Sale/(purchase) of treasury shares - - -
-------------------------------------- ----------------- ----------------- --------------
Net cash used in financing activities (945,339) (945,339) (1,599,804)
--------------------------------------- ----------------- ----------------- --------------
Effects of exchange rate changes
on cash and cash equivalents 10,674 109,496 (72,405)
Net increase/(decrease) in cash (1,492,412) 1,111,949 (880,779)
Cash at beginning of period 5,892,304 6,773,083 6,773,083
--------------------------------------- ----------------- ----------------- --------------
Cash at the end of the period 4,399,892 7,885,032 5,892,304
--------------------------------------- ----------------- ----------------- --------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
unaudited interim results to 30 June 2018
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
2017 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)
Transfer 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 ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Profit for the period - - - - 1,416,175 1,416,175 Exchange differences on translating foreign operations - - - (95,528) - (95,528) ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Total recognised comprehensive income for the period - - - (95,528) 1,416,175 1,320,647 Share-based payment - - - - 13,837 13,837 Deferred tax on share-based payment - - - - 4,842 4,842 Dividends paid - - - - (654,465) (654,465) Transfer of treasury shares - 14,234 - - (14,705) (471) ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Balance at 31 December 2017 739,000 3,699,105 256,976 305,457 13,715,512 18,716,050 ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Adjustment for IFRS 15 - - - - (34,399) (34,399) ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Balance at 01 January 2018 739,000 3,699,105 256,976 305,457 13,681,113 18,681,651 ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Profit for the period - - - - 1,089,369 1,089,369 Exchange differences on translating foreign operations - - - 244,712 - 244,712 ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Total recognised comprehensive income for the period - - - 244,712 1,089,369 1,334,081 Share-based payment - - - - (77,595) (77,595) Deferred tax on share-based payment - - - - 25,104 25,104 Dividends paid - - - - (945,339) (945,339) Transfer of treasury - - - - - - shares ------------------------------- -------- --------- ----------- ------------ ---------- ---------- Balance at 30 June 2018 739,000 3,699,105 256,976 550,169 13,772,652 19,017,902 ------------------------------- -------- --------- ----------- ------------ ---------- ----------
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 11(th) September, 2018.
The information relating to the six months ended 30 June 2018
and 30 June 2017 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
2017, 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 2018. 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 2017, which have been prepared
in accordance with adopted IFRSs.
The Group applies, for the first time, IFRS 15 Revenue from
Contracts with Customers, that require adjustments to the
amounts recognised in the financial statements. As required
by IAS 34, the nature and effect of these changes are disclosed
below in the section entitled Warranty Obligations.
The Group also applies IFRS 9 Financial Instruments for the
first time in 2018 but this does not have an impact on the
interim condensed consolidated financial statements of the
Group.
All other accounting policies applied and methods of computation
are consistent with those of the annual financial statements
for the year ended 31 December 2017, as described in those
financial statements.
Warranty Obligations
IFRS 15 has been produced in order to bring into line the
principles that a business applies when reporting the nature,
amount, timing, and uncertainty of revenue and cash flows
arising from a contract with a customer. The core principle
of IFRS 15 dictates that a business recognises revenue to
clearly show the transfer of contracted goods/services to
customers in the amount that mirrors the consideration that
the business is entitled to. Under IFRS 15 there are 5 steps
to recognising revenue.
The Directors have considered these 5 steps and sale of goods
where the risks and rewards of ownership are transferred at
the point of invoice IFRS 15 has no impact, this is the case
for most Company sales.
The Group offers extended warranties on its products. As the
customer has the option of purchasing the additional warranty
separately, this is a service-type warranty and is accounted
for as a separate performance obligation. Deferred revenue
is recognised (as opposed to revenue being recorded) over
the period of the extended warranty.
The Directors have opted to adopt the modified retrospective
method of transition and have applied IFRS 15 to those contracts
that are not completed as at 1(st) January 2018, the impact
on the Profit and loss account is GBP34,399.
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
30/06/18 30/06/17 31/12/17
GBP GBP GBP
Profit attributable to ordinary
equity holders 1,089,369 1,339,446 2,755,621
------------------------------------ ------------ ------------ -----------
Six months Six months
ended ended Year ended
30/06/18 30/06/17 31/12/17
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 condensed interim financial statements.
6. Shareholder Communication
A copy of these condensed interim financial statements 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.gocct.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR UARBRWSAKAAR
(END) Dow Jones Newswires
September 12, 2018 02:00 ET (06:00 GMT)
1 Year Concurrent Technologies Chart |
1 Month Concurrent Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
