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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.50 | 1.65% | 92.50 | 91.00 | 94.00 | 92.50 | 91.00 | 91.00 | 309,119 | 09:00:16 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Printed Circuit Boards | 18.28M | 987k | 0.0115 | 80.43 | 79.21M |
From Apr 2019 to Apr 2024
TIDMCNC
RNS Number : 7137J
Concurrent Technologies PLC
04 April 2018
4 April 2018
Concurrent Technologies Plc
Results for the year ended 31 December 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 results for the year to 31 December 2017.
Financial Highlights
-- Turnover of GBP16.2m (2016: GBP16.4m) -- Gross profit increased by 1.0% to GBP9.0m (2016: GBP8.9m) -- Gross margin increased to 55.4% (2016: 54.2%) -- EBITDA increased by 2.1% to GBP4.4m (2016: GBP4.3m) -- Profit before Tax increased by 2.3% to GBP3.0m (2016: GBP2.9m) -- Dividend increased by 5% to 2.20 pence per share for the year (2016: 2.10 pence) -- Cash in business plus deposits increased to GBP8.4m (2016: GBP7.8m)
Operational Highlights
-- Several new high performance embedded computer boards and accessory boards as well as modules were released during 2017. These included the new generation quad-core Intel(R) Xeon(R) processors.
-- In addition to providing the latest high performance and low power units across all of its open architectures for new applications and new customers, the Group's product portfolio allows for practical upgrade paths for its existing long life cycle customers.
Michael Collins, Chairman of Concurrent Technologies Plc, commented:
"The future outlook for the Group continues to be encouraging as both new and existing customers increasingly require more sophisticated boards and solutions.
The key to continued success is to expand the Group's range of products, with a particular focus on the OpenVPX(TM) bus architecture. In addition to boards and associated software the Group has recently started to provide development systems based on the OpenVPX(TM) and MicroTCA(R) architectures. These development systems will enable users to reduce their own product development times.
Competitive advantage can be maintained through continued R&D investment and constant expansion of the Group's range of advanced technology products, in particular targeting products and development systems for harsh environments and expanding the development of additional software and firmware products. The Group will continue to recruit additional engineers in the UK, USA and India to enable this development.
The Board continues to look for worldwide acquisition opportunities but sees many opportunities to grow the business organically into new market areas without taking unacceptable risks.
Sales and new opportunities arising this year have been encouraging and the Group's current healthy order book gives the Board confidence in the Group's performance for the full year."
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 22 May 2018 at 2:30pm.
Enquiries:
Concurrent Technologies Plc Glen Fawcett, CEO +44 (0)1206 752 626 Newgate (Financial PR) Bob Huxford +44 (0)207 653 9848 James Browne +44 (0)207 653 9844 Cenkos Securities plc (NOMAD) Neil McDonald +44 (0)131 220 9771 Beth McKiernan +44 (0)131 220 9778
Extracts from the Strategic Report
Review of Operations
The Group achieved sales of GBP16.22m (2016: GBP16.42m). The gross profit increased to GBP8.99m (2016: GBP8.89m) while the gross margin for the year improved to 55.4% (2016: 54.2%).
Profit before tax improved to GBP2.97m (2016: GBP2.90m) and the earnings per share was 3.79 pence (2016: 3.90 pence). EBITDA (measured as Operating Profit plus Depreciation and Amortisation) for the Group in 2017 also increased to GBP4.39m (2016: GBP4.31m).
The Group continued its long-term investment in R&D and invested GBP3.19m in 2017 (2016: GBP3.39m), of which GBP2.13m was capitalised (2016: GBP2.27m).
The Group continues to have no borrowings and again paid increased dividends during the year. Its cash balances plus short to medium term cash deposits at the year-end improved to GBP8.41m (2016: GBP7.78m).
Operational Highlights
Several new high performance embedded computer boards and accessory boards as well as modules were released during 2017. These included the new generation quad-core Intel(R) Xeon(R) processors. In addition to providing the latest high performance and low power units across all of its open architectures for new applications and new customers, the Group's product portfolio allows for practical upgrade paths for its existing long life cycle customers.
Future Plans
The future outlook for the Group continues to be encouraging as both new and existing customers increasingly require more sophisticated boards and solutions.
The key to continued success is to expand the Group's range of products, with a particular focus on the OpenVPX(TM) bus architecture. In addition to boards and associated software the Group has recently started to provide development systems based on the OpenVPX(TM) and MicroTCA(R) architectures. These development systems will enable users to reduce their own product development times.
Competitive advantage can be maintained through continued R&D investment and constant expansion of the Group's range of advanced technology products, in particular targeting products and development systems for harsh environments and expanding the development of additional software and firmware products. The Group will continue to recruit additional engineers in the UK, USA and India to enable this development.
The Board continues to look for worldwide acquisition opportunities but sees many opportunities to grow the business organically into new market areas without taking unacceptable risks.
Sales and new opportunities arising this year have been encouraging and the Group's current healthy order book gives the Board confidence in the Group's performance for the full year.
Dividend
The Board has declared a second interim dividend of 1.30 pence per share (2016: 1.30 pence) which when added to the first interim dividend of 0.90 pence per share (2016: 0.80 pence) will make a total of 2.20 pence per share for the year (2016: 2.10 pence). This is an increase of 4.8% on dividends paid for 2016. The total cost of this second interim dividend amounted to GBP945,340. As in previous years, the Directors do not intend to recommend a final dividend.
Annual General Meeting
The Annual General Meeting this year will be held on 22 May 2018.
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
2017 2016
CONTINUING OPERATIONS GBP GBP
Revenue 16,222,732 16,423,978
Cost of sales 7,231,876 7,529,867
----------- -----------
Gross profit 8,990,856 8,894,111
Operating expenses 6,086,516 6,040,302
=========== ===========
Group operating profit 2,904,340 2,853,809
Finance income 65,117 48,705
----------- -----------
Profit before tax 2,969,457 2,902,514
Tax 213,836 72,609
----------- -----------
Profit for the year 2,755,621 2,829,905
=========== ===========
Other Comprehensive Income
Items that will be reclassified
subsequently to profit or
loss:
Exchange differences on translating
foreign operations (189,150) 415,966
Tax relating to components - -
of other comprehensive income
Other Comprehensive Income
for the year, net of tax (189,150) 415,966
Total Comprehensive Income
for the year 2,566,471 3,245,871
=========== ===========
Profit for the period attributable
to:
----------- -----------
Equity holders of the parent 2,755,621 2,829,905
----------- -----------
Total Comprehensive Income
attributable to:
Equity holders of the parent 2,566,471 3,245,871
----------- -----------
Earnings per share
Basic earnings per share 3.79p 3.90p
Diluted earnings per share 3.79p 3.90p
Consolidated Balance Sheet
As at As at
31 December 31 December
2017 2016
GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 482,254 414,209
Intangible assets 7,397,512 6,846,520
Deferred tax assets 170,495 112,128
8,050,261 7,372,857
Current assets
Inventories 3,222,800 3,239,855
Trade and other receivables 2,740,335 3,327,629
Current tax assets 135,224 93,156
Other financial assets 2,502,281 1,000,000
Cash and cash equivalents 5,892,304 6,773,083
----------- -----------
14,492,944 14,433,723
Total assets 22,543,205 21,806,580
----------- -----------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 1,473,815 1,291,468
Long term provisions 4,097 6,699
----------- -----------
1,477,912 1,298,167
Current liabilities
Trade and other payables 2,332,599 2,810,655
Short term provisions 16,644 23,939
Current tax liabilities - -
-----------
2,349,243 2,834,594
Total liabilities 3,827,155 4,132,761
----------- -----------
Net assets 18,716,050 17,673,819
=========== ===========
EQUITY
Capital and reserves
Share capital 739,000 739,000
Share premium account 3,699,105 3,693,818
Capital redemption reserve 256,976 256,976
Cumulative translation reserve 305,457 494,607
Profit and loss account 13,715,512 12,489,418
----------- -----------
Equity attributable to equity
holders of the parent 18,716,050 17,673,819
Total equity 18,716,050 17,673,819
=========== ===========
Consolidated Cash Flow Statement
Year to Year to
31 December 31 December
2017 2016
GBP GBP
Cash flows from operating
activities
Profit before tax for the
period 2,969,457 2,902,514
Adjustments for:
Finance income (65,117) (48,705)
Depreciation 194,529 196,370
Amortisation 1,294,457 1,254,826
Impairment loss 286,888 499,509
Loss/(profit) on disposal
of property, plant and
equipment (PPE) (3,750) 233,840
Share-based payment 27,448 13,585
Exchange differences (110,755) 76,461
Decrease/(increase) in
inventories 17,055 534,430
(Increase)/decrease in
trade and other receivables 587,294 (927,530)
Increase/(decrease) in
trade and other payables (487,953) 558,815
----------- -----------
Cash generated from operations 4,709,553 5,294,115
Tax received (83,808) 116,142
----------- -----------
Net cash generated from operating
activities 4,625,745 5,410,257
----------- -----------
Cash flows from investing
activities
Interest received 65,117 48,705
Cash released from/(placed)
on deposit (1,502,281) -
Purchases of property, plant
and equipment (PPE) (267,855) (138,181)
Proceeds from sale of PPE 3,750 -
Capitalisation of development
costs and purchases of intangible
assets (2,133,046) (2,290,889)
----------- -----------
Net cash used in investing
activities (3,834,315) (2,380,365)
Cash flows from financing
activities
Equity dividends paid (1,599,804) (1,452,689)
Exercise of share options - 51,800
Purchase of treasury shares - -
----------- -----------
Net cash used in financing
activities (1,599,804) (1,400,889)
Effects of exchange rate
changes on cash and cash
equivalents (72,405) 270,265
Net increase/(decrease) in
cash (880,779) 1,899,268
Cash at beginning of period 6,773,083 4,873,815
----------- -----------
Cash at the end of the period 5,892,304 6,773,083
=========== ===========
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 2016 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)
Purchase 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
================ ================ ================ ================ ================== ================
Profit for the
period - - - - 2,755,621 2,755,621
Exchange
differences
on translating
foreign
operations - - - (189,150) - (189,150)
---------------- ---------------- ---------------- ---------------- ------------------ ----------------
Total
comprehensive
income for the
period - - - (189,150) 2,755,621 2,566,471
Transactions
with owners:
Share-based
payment - - - - 27,448 27,448
Deferred tax
on share based
payment - - - - 48,116 48,116
Dividends paid - - - - (1,599,804) (1,599,804)
Transfer of
treasury
shares - 5,287 - - (5,287) -
---------------- ---------------- ---------------- ---------------- ------------------ ----------------
Balance at 31
December 2017 739,000 3,699,105 256,976 305,457 13,715,512 18,716,050
================ ================ ================ ================ ================== ================
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 2016. 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 2017 or 2016, but is derived from those accounts. Statutory accounts for 2016 have been delivered to the Registrar of Companies and those for 2017 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 2016 or 2017 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 2017 of 72,718,490 (2016: 72,635,976) after adjustment for treasury shares and any adjustment made as a consequence of the Company having issued no Ordinary Shares during 2017 (2016: nil) and on the profit after tax for 2017 of GBP2,755,621 (2016: GBP2,829,905). The calculation of diluted earnings per share incorporates 3,504 Ordinary Shares (2016: 2,457) 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 22 May 2018 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.gocct.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EANLDEFDPEFF
(END) Dow Jones Newswires
April 04, 2018 02:00 ET (06:00 GMT)
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