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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.00 | -1.97% | 99.50 | 98.00 | 101.00 | 101.50 | 99.50 | 101.50 | 477,048 | 16:20:55 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Printed Circuit Boards | 18.28M | 987k | 0.0115 | 86.52 | 85.21M |
From May 2019 to May 2024
TIDMCNC
RNS Number : 0596V
Concurrent Technologies PLC
04 April 2019
4 April 2019
Concurrent Technologies Plc
Results for the year ended 31 December 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 results for the year to 31 December 2018.
Financial Highlights
-- Revenue for the year increased to GBP16.6m (2017: GBP16.2m) -- Gross profit was GBP8.7m (2017: GBP9.0m) -- Gross margin was 52.2% (2017: 55.4%) -- EBITDA increased by 5.8% to GBP4.6m (2017: GBP4.4m) -- Profit before tax was GBP3.0m (2017: GBP3.0m) -- Profit after tax increased to GBP3.0m (2017: GBP2.8) -- Dividend increased by 4.5% to 2.30 pence per share for the year (2017: 2.20 pence) -- Cash in business plus deposits was robust at GBP7.7m (2017: GBP8.4m)
Operational Highlights
-- During 2018, the Group introduced several new high performance embedded computer boards and accessory modules. These included products based on the 8(th) generation Intel(R) Xeon(R) processor for use in VME, CompactPCI(R) and OpenVPX(TM) architectures. As required by many applications, these new products offer support for enhanced security features and most are suitable for both commercial and harsh environments.
-- Support for additional 3(rd) party software and hardware products and systems was announced to broaden the Group's product range.
-- The Group's UK manufacturing line was updated through the addition of a new pick-and-place machine providing additional production capacity and capability.
Michael Collins, Chairman of Concurrent Technologies Plc, commented:
"The new fiscal year of 2019 has started with a very strong order book giving the Board confidence in the Group's performance for the first half of 2019 and for the year as a whole. New and existing customers continue to require increasing levels of processing performance and additional product features including, in particular, increased security capabilities and encrypted storage.
The Group has and will continue to invest in experienced technical personnel and it is currently recruiting additional senior staff into newly created roles to help broaden its expertise of new technologies and methodologies required for continued growth. This investment will ensure that the Group has the capabilities to design the products required for next generation projects. By investing in new skills and expertise, the Group will be able to support our existing customer base with viable upgrade paths, while also providing products suitable for new applications such as Artificial Intelligence and Deep Learning within the vision and surveillance markets, among others."
Enquiries:
Concurrent Technologies Plc Glen Fawcett, Managing Director +44 (0)1206 752 626 Newgate (Financial PR) Bob Huxford +44 (0)20 7653 9848 Fiona Norman +44 (0)20 3757 6885 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 Revenue for the year of GBP16.62m (2017: GBP16.22m). The Gross Profit was GBP8.67m (2017: GBP8.99m) while the gross margin was 52.2% (2017: 55.4%).
Profit before tax was GBP2.97m (2017: GBP2.97m) and earnings per share increased to 4.08 pence (2017: 3.79 pence) due to a lower tax charge. EBITDA (measured as Operating Profit plus Depreciation and Amortisation) for the Group in 2018 also increased to GBP4.65m (2017: GBP4.39m).
The Group continued its long-term commitment to R&D by investing GBP3.31m in 2018 (2017: GBP3.19m), of which GBP2.44m was capitalised (2017: GBP2.13m).
A further investment of GBP250,000 was made within manufacturing to install a new surface mount production line during 2018. This surface mount investment both increases production capacity and provides a degree of future proofing as this line can 'place' significantly smaller components than the existing production facilities.
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 were GBP7.68m (2017: GBP8.39m).
Operational Highlights
During 2018, the Group introduced several new high performance embedded computer boards and accessory modules. These included products based on the 8(th) generation Intel(R) Xeon(R) processor for use in VME, CompactPCI(R) and OpenVPX(TM) architectures. As required by many applications, these new products offer support for enhanced security features and most are suitable for both commercial and harsh environments. In addition, support for additional 3(rd) party software and hardware products and systems was announced to broaden the Group's product range. The Group's UK manufacturing line was updated through the addition of a new pick-and-place machine providing additional production capacity and capability.
Future Plans and Outlook
The new fiscal year of 2019 has started with a very strong order book giving the Board confidence in the Group's performance for the first half of 2019 and for the year as a whole. New and existing customers continue to require increasing levels of processing performance and additional product features including, in particular, increased security capabilities and encrypted storage.
The Group will maintain its policy of investing in R&D to expand the Group's current range of advanced technology products with a particular focus on the OpenVPX(TM) bus architecture. In addition to boards and associated software the Group will increase its range of development systems, using both its own products and complementary products from third party partners. These ready to use development systems enable customers to reduce their product development times by focussing on their own areas of expertise to develop specialised applications.
The Group has and will continue to invest in experienced technical personnel and it is currently recruiting additional senior staff into newly created roles to help broaden its expertise of new technologies and methodologies required for continued growth. This investment will ensure that the Group has the capabilities to design the products required for next generation projects. Our current markets continue to demand the latest technologies to provide additional processing and networking performance, which also creates a requirement for improved and more complex cooling techniques, especially for harsh environments. By investing in new skills and expertise, the Group will be able to support our existing customer base with viable upgrade paths, while also providing products suitable for new applications such as Artificial Intelligence and Deep Learning within the vision and surveillance markets, among others.
The Board continues to look for worldwide acquisition opportunities but sees many opportunities to grow the business organically into new market areas by widening our product ranges and further developing relationships with key hardware and software partners.
Dividend
The Board has declared a second interim dividend of 1.35 pence per share (2017: 1.30 pence) which when added to the first interim dividend of 0.95 pence per share (2017: 0.90 pence) will make a total of 2.30 pence per share for the year (2017: 2.20 pence). This is an increase of 4.5% on dividends paid for 2017. The total cost of this second interim dividend amounted to GBP981,700. 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 21 May 2019 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
2018 2017
CONTINUING OPERATIONS GBP GBP
Revenue 16,624,151 16,222,732
Cost of sales 7,950,636 7,231,876
----------- -----------
Gross profit 8,673,515 8,990,856
Operating expenses 5,788,094 6,086,516
=========== ===========
Group operating profit 2,885,421 2,904,340
Finance income 88,326 65,117
----------- -----------
Profit before tax 2,973,747 2,969,457
Tax 5,886 213,836
----------- -----------
Profit for the year 2,967,861 2,755,621
=========== ===========
Other Comprehensive Income
Items that will be reclassified subsequently
to profit or loss:
Exchange differences on translating
foreign operations 43,903 (189,150)
Tax relating to components of other - -
comprehensive income
Other Comprehensive Income for the
year, net of tax 43,903 (189,150)
Total Comprehensive Income for the
year 3,011,764 2,566,471
=========== ===========
Profit for the period attributable
to:
----------- -----------
Equity holders of the parent 2,967,861 2,755,621
----------- -----------
Total Comprehensive Income attributable
to:
Equity holders of the parent 3,011,764 2,566,471
----------- -----------
Earnings per share
Basic earnings per share 4.08p 3.79p
Diluted earnings per share 4.08p 3.79p
Consolidated Balance Sheet
As at As at
31 December 31 December
2018 2017
GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 704,969 482,254
Intangible assets 7,990,759 7,397,512
Deferred tax assets 120,385 170,495
8,816,113 8,050,261
Current assets
Inventories 4,096,576 3,222,800
Trade and other receivables 3,352,581 2,740,335
Current tax assets 316,428 135,224
Other financial assets - 2,502,281
Cash and cash equivalents 7,679,352 5,892,304
----------- -----------
15,444,937 14,492,944
Total assets 24,261,050 22,543,205
----------- -----------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 1,448,012 1,473,815
Long term provisions 8,183 4,097
----------- -----------
1,456,195 1,477,912
Current liabilities
Trade and other payables 2,802,852 2,332,599
Short term provisions 8,688 16,644
2,811,540 2,349,243
Total liabilities 4,267,735 3,827,155
----------- -----------
Net assets 19,993,315 18,716,050
=========== ===========
EQUITY
Capital and reserves
Share capital 739,000 739,000
Share premium account 3,699,105 3,699,105
Capital redemption reserve 256,976 256,976
Cumulative translation reserve 349,360 305,457
Profit and loss account 14,948,874 13,715,512
----------- -----------
Equity attributable to equity holders
of the parent 19,993,315 18,716,050
Total equity 19,993,315 18,716,050
=========== ===========
Consolidated Cash Flow Statement
Year to Year to
31 December 31 December
2018 2017
GBP GBP
Cash flows from operating activities
Profit before tax for the period 2,973,747 2,969,457
Adjustments for:
Finance income (88,326) (65,117)
Depreciation 219,455 194,529
Amortisation 1,542,749 1,294,457
Impairment loss 303,030 286,888
Loss/(profit) on disposal of property,
plant and equipment (PPE) (1,000) (3,750)
Share-based payment (77,595) 27,448
Exchange differences 56,016 (110,755)
Decrease/(increase) in inventories (873,776) 17,055
(Increase)/decrease in trade and
other receivables (612,246) 587,294
Increase/(decrease) in trade and
other payables 466,383 (487,953)
----------- -----------
Cash generated from operations 3,908,437 4,709,553
Tax received (183,524) (83,808)
----------- -----------
Net cash generated from operating
activities 3,724,913 4,625,745
----------- -----------
Cash flows from investing activities
Interest received 88,326 65,117
Cash released from/(placed) on deposit 2,502,281 (1,502,281)
Purchases of property, plant and equipment
(PPE) (442,280) (267,855)
Proceeds from sale of PPE 1,000 3,750
Capitalisation of development costs
and purchases of intangible assets (2,438,917) (2,133,046)
----------- -----------
Net cash used in investing activities (289,590) (3,834,315)
Cash flows from financing activities
Equity dividends paid (1,636,163) (1,599,804)
Exercise of share options - -
Purchase of treasury shares - -
----------- -----------
Net cash used in financing activities (1,636,163) (1,599,804)
Effects of exchange rate changes on
cash and cash equivalents (12,112) (72,405)
Net increase/(decrease) in cash 1,787,048 (880,779)
Cash at beginning of period 5,892,304 6,773,083
----------- -----------
Cash at the end of the period 7,679,352 5,892,304
=========== ===========
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
2017 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
================ ================ ================ ================ ================== ================
Adjustment for
IFRS
15 - - - - (34,399) (34,399)
Balance at 31
December
2017 739,000 3,699,105 256,976 305,457 13,681,113 18,681,651
================ ================ ================ ================ ================== ================
Profit for the
period - - - - 2,967,861 2,967,861
Exchange
differences
on translating
foreign
operations - - - 43,903 - 43,903
---------------- ---------------- ---------------- ---------------- ------------------ ----------------
Total
comprehensive
income for the
period - - - 43,903 2,967,861 3,011,764
Transactions
with
owners:
Share-based
payment - - - - (77,595) (77,595)
Deferred tax on
share
based payment - - - - (20,741) (20,741)
Dividends paid - - - - (1,636,163) (1,636,163)
Transfer of
treasury
shares - - - - - -
---------------- ---------------- ---------------- ---------------- ------------------ ----------------
Balance at 31
December
2018 739,000 3,699,105 256,976 349,360 14,948,874 19,993,315
================ ================ ================ ================ ================== ================
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, except for IFRS 9 and IFRS 15, 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 2017. 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 1st January 2018, the impact on the Profit and loss account is GBP34,399.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 2018 or 2017, but is derived from those accounts. Statutory accounts for 2017 have been delivered to the Registrar of Companies and those for 2018 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 2017 or 2018 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 2018 of 72,718,490 (2017: 72,718,490) after adjustment for treasury shares on the profit after tax for 2018 of GBP2,967,861 (2017: GBP2,755,621). The calculation of diluted earnings per share incorporates 2,457 Ordinary Shares (2017: 3,504) 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 21 May 2019 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 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
FR EAKLDESFNEFF
(END) Dow Jones Newswires
April 04, 2019 02:00 ET (06:00 GMT)
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