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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 | 102.00 | 102.00 | 39,037 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Printed Circuit Boards | 18.28M | 987k | 0.0115 | 88.70 | 87.35M |
From May 2022 to May 2024
TIDMCNC
RNS Number : 1776L
Concurrent Technologies PLC
12 May 2022
This announcement contains inside information
12th May 2022
Concurrent Technologies Plc
("Concurrent" or the "Company" or the "Group")
Results for the year ended 31 December 2021
Concurrent Technologies Plc (AIM: CNC), a world leading specialist in high-end embedded computer products for critical applications , announces results for the year to 31 December 2021.
Financial Highlights
-- Revenue for the year slightly ahead of market expectations at GBP20.5m (2020: GBP21.1m) -- Gross profit steady at GBP11.4m (2020: GBP11.4m) -- Gross margin increased to 55.9% (2020: 53.7%) -- EBITDA increased to GBP5.1m (2020: GBP5.0m) -- Profit before Tax increased 22% to GBP3.5m (2020: GBP2.8m) -- Profit after Tax increased to GBP2.8m (2020: GBP2.7m) -- Non-cash deferred tax charge of GBP0.5m reflecting increase in UK tax to 25% -- EPS increased to 3.88p (2020: 3.75p) -- Dividend maintained at 2.55 pence per share for the year (2020: 2.55 pence) -- Cash in the business steady at GBP11.8m (2020: GBP11.8m) -- Prior year restatement in 2019 to increase net assets by GBP0.3m
Operational Highlights
-- New CEO and refreshed Leadership Team.
-- Mitigated the impact of restricted supply of components through longstanding beneficial relationships with suppliers, well managed use of stock levels and flexible actions in response to shortage of specific components.
-- Upgraded ability to launch new products, at broadly double the frequency and half the lead time, ensuring products are ready concurrently with market need.
Outlook
-- The Group is targeting eight new product releases in 2022. Delivery on this objective has begun, with a Position, Navigation and Timing plug in card announced in January 2022 and a 100 Gigabit Ethernet Processor Plug in Card announced in February 2022, simultaneously with the new Intel chip on which it is based.
-- Strong bookings with order book increased to GBP16.2m as 31 March 2022 from GBP13.2m at 31 December 2021.
-- Component shortage represents challenge to ship product in 2022, particularly in H1 with order delivery expected to be delayed and revenues recognised over a longer period than during normal market conditions.
Miles Adcock, CEO of Concurrent Technologies Plc, commented: "Having joined Concurrent in June 2021, I have been delighted to find that the potential for growth is very real. Despite the ongoing headwinds from components shortages, the financial performance of 2021 was excellent, with record profit delivered. The past year was a period of keen focus on new product development and investing in strategies for growth, an approach that will continue through 2022. We have also significantly augmented the already excellent team with domain specific expertise, and top talent in broader disciplines.
"Despite growing demand for our products and an increased order book, we do expect short-term supply challenges will result in delivery of it being more protracted than is normal for the Group. However, we are robustly managing this issue and have a very strong balance sheet and so, rather than damage the business through cost cutting exercises, we will focus on continuing to grow the order book and on creating an even stronger business capable of taking advantage of a number of identified, exciting prospects. We are already seeing increased market interest in our renewed product portfolio, and I am confident in our mid-to-long term profitable growth."
Enquiries:
Concurrent Technologies Plc
Miles Adcock, CEO +44 (0)1206 752626
SEC Newgate (Financial PR)
Bob Huxford +44 (0)20 3757 6880
Isabelle Smurfit +44 (0)20 3757 6880
Group email concurrent@secnewgate.co.uk
Cenkos Securities Plc (NOMAD)
Neil McDonald +44 (0)131 220 9771
Peter Lynch +44 (0)131 220 9772
Extracts from the Strategic Report
Hot Features
Premium
Financial 2021 2020
Highlights Revenue GBP20.5m GBP21.1m
========= =========
EBITDA GBP5.1m GBP5.0m
========= =========
Profit before tax GBP3.5m GBP2.8m
========= =========
Earnings per share 3.88p 3.75p
========= =========
Dividend per share 2.55p 2.55p
========= =========
Cash (including GBP11.8m GBP11.8m
Deposits)
========= =========
Total Assets GBP30.7m GBP29.0m
========= =========
Shareholders' Funds GBP23.7m GBP22.8m
========= =========
The Group generated Revenue for the year of GBP20.45m (2020:
GBP21.14m). This converted into Gross Profit of GBP11.43m (2020:
GBP11.36m) while the gross margin improved to 55.9% (2020:
53.7%) reflecting the change in product mix, regarding architecture
and geography.
Profit before tax was GBP3.48m (2020: GBP2.85m). Earnings per
share was 3.88 pence (2020: 3.75 pence) while earnings per
share on normal activities, EBITDA (measured as Operating Profit
plus Depreciation and Amortisation) for the Group in 2021 was
GBP5.1m (2020: GBP5.0m).
The Group continued its long-term commitment to R&D by spending
GBP3.60m in 2021 (2020: GBP3.89m including GBP0.69m relating
to the closure of the development site in India), of which
GBP2.1m was capitalised (2020: GBP1.9m) One project was judged
by the Directors to be at serious risk of not being able to
make a positive return to the Group and so has been fully impaired
with a resulting charge of GBP0.5m, with a further charge of
GBP0.1m to partially provide against underperforming projects,
Dividend a total impairment charge of GBP0.6m (2020: GBP0.9m).
The tax charge of GBP0.6m is largely the impact on Deferred
tax of the increase in the UK tax rate to 25% in 2023 of GBP0.5m,
which is a non cash item. The Group continues to benefit from
R&D tax credits in the UK and does not anticipate being in
a UK cash tax paying position whilst this incentive continues.
The Group continues to have no borrowings and its cash balances
plus short to medium term cash deposits at the year-end were
GBP11.8m (2020: GBP11.8m).
The Board has proposed a final dividend of 1.40 pence per share
(second interim dividend in 2020: 1.45 pence) which, when added
to the first interim dividend of 1.15 pence per share (2020:
1.10 pence), will make a total of 2.55 pence per share for
the year (2020: 2.55 pence). Keeping a flat dividend reflects
the ongoing concerns on the component shortage and the Group
plans to engage with shareholders on the future dividend strategy.
The total cost of the final dividend amounts to GBP1,034,600.
Operational During 2021, the Group introduced several new high-performance
Highlights embedded computer boards and accessory modules. These included
products based on the 11th generation embedded Intel(R) Xeon(R)
processor for use in AMC, CompactPCI(R) and OpenVPX(TM) architectures.
These products were introduced as part of the Group's policy
to provide existing customers with products that can be used
as upgrade paths from previous generations where additional
processing power or enhanced features are required. New customers
benefit from choosing products based on the latest technologies.
As required by many applications, these new products offer
support for enhanced security features and most are suitable
for both commercial and harsh environments.
The Group were announced as an Intel Titanium Partner during
the year, providing the highest level of insight and development
Future Plans opportunity to the Group.
and
Outlook As part of the Group's long-term continuous improvement strategy
a further investment was made within manufacturing to introduce
a new optical inspection machine.
The new financial year of 2022 started with a healthy order
book reflecting in part the long-term sales pipeline the Group
enjoys but also in part the willingness of our customers to
order further in advance to provide the maximum opportunity
to manage the supply chain to meet delivery times.
The Group expects to announce several new products during 2022,
a Position, Navigation and Timing plug in card was announced
in January 2022 and a 100 Gigabit Ethernet Processor Plug in
Card was announced simultaneous with the new Intel chip it
is based around. This accelerated time to market provides additional
and incremental sales opportunities in both the US and Europe.
The Group will maintain its policy of investing in R&D to expand
its current range of advanced technology products broadening
out to include deployable systems and integration of third-party
products to complement the hardware and software already developed
internally.
The Board sees opportunities to grow the business organically
by broadening the range of both hardware, software and systems
products within its existing core markets of defence and telecommunications.
In addition, the Board continues to look to recruit key individuals
and skills for both succession and organic growth as well as
for worldwide acquisition opportunities which would assist
the Group in introducing new skills and technologies complementary
and adjacent to its current product ranges. This is with the
aim of increasing the Group's potential share of the total
available market.
The Board is taking a cautious approach to revenue and profit
in 2022 due to the uncertainty around the speed of a return
to normal trading conditions after COVID, but especially in
light of the difficulties within the global supply chain impacting
when we can ship produce and recognise revenue. To-date there
has been no direct impact from the Ukraine crisis, however
indirect impacts may arise in time. However, the improved R&D
performance alongside the introduction of production capability
in the USA and development of system capability leads the Board
believe the Group is well positioned to deliver additional
growth in its main markets over the coming years.
Prior Year A prior year adjustment of GBP0.3m has been made to the closing
Restatement 2019 balance sheet to correct for an error on consolidation
outside our underlying records dating back before 2019, which
has under reported profit, net assets and total equity by this
amount. As a result of not being able to definitively trace
the cause of the issue, and with investigations ongoing, the
auditors are required to qualify their opinion in regard to
there being a limitation of scope on other creditors and opening
reserves.
The Group will work to resolve the issue fully for the 2022
accounts, thereby allowing the auditors to remove their qualification.
Consideration was given to delaying the accounts until the
issue was fully resolved, but, on balance, the Board believed
that, as it was a historic under reporting of profit of GBP0.3m
against an overall net assets position of GBP23.4m, it was
appropriate to accept the qualification and not delay release
of the accounts. Investigations will continue to determine
the cause and periods it relates, and the closing reserves
for 2019 have been increased by the GBP0.3m.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2021
Year to Year to
31 December 31 December
2021 2020
CONTINUING OPERATIONS GBP GBP
Revenue 20,450,453 21,141,294
Cost of sales 9,016,878 9,780,750
------------ ------------
Gross profit 11,433,575 11,360,544
Operating expenses 7,889,921 8,444,962
Group operating profit 3,543,654 2,915,582
Finance costs 61,679 83,985
Finance income 1,880 16,480
Profit before tax 3,483,855 2,848,077
Tax 638,421 98,167
------------ ------------
Profit for the year 2,845,434 2,749,910
============ ============
Other Comprehensive Income
Items that will be reclassified subsequently
to profit or loss:
Exchange differences on translating foreign
operations 23,894 (283,681)
Other Comprehensive Income for the year, net
of tax 23,894 (283,681)
Total Comprehensive Income for the year 2,869,328 2,466,229
============ ============
Earnings per share
Basic earnings per share 3.88p 3.75p
Diluted earnings per share 3.84p 3.74p
Consolidated Balance Sheet
At 31 December 2021
As at As at As at
31 December 31 December 31 December
2021 2020 2019
Restated Restated
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and
equipment 1,436,009 1,734,965 1,638,429
Intangible assets 7,692,528 7,205,581 7,991,119
Deferred tax assets 31,042 134,775 142,894
Other financial assets - - -
----------- ----------- ------------
9,159,579 9,075,321 9,772,442
Current assets
Inventories 6,425,436 5,533,574 5,097,907
Trade and other receivables 2,988,633 2,356,157 2,703,960
Current tax assets 330,748 305,113 274,221
Other financial assets - - -
Cash and cash equivalents 11,839,758 11,765,974 10,487,902
----------- ----------- ------------
21,584,575 19,960,818 18,563,990
Total assets 30,744,154 29,036,139 28,336,432
----------- ----------- ------------
LIABILITIES
Non-current liabilities
Deferred tax liabilities 2,193,418 1,571,830 1,453,331
Trade and other payables 570,576 704,800 838,001
Long term provisions 19,172 16,162 16,731
----------- ----------- ------------
2,783,166 2,292,792 2,308,063
Current liabilities
Trade and other payables 4,196,272 3,854,882 3,838,183
Short term provisions 19,300 16,354 16,832
Current Tax Liabilities 4,817 26,504 -
----------- ----------- ------------
4,220,389 3,897,740 3,855,015
Total liabilities 7,003,555 6,190,532 6,163,078
----------- ----------- ------------
Net assets 23,740,599 22,845,607 22,173,354
=========== =========== ============
EQUITY
Capital and reserves
Share capital 739,000 739,000 739,000
Share premium account 3,699,105 3,699,105 3,699,105
Capital redemption reserve 256,976 256,976 256,976
Cumulative translation
reserve (97,399) (121,293) 162,388
Profit and loss account 19,142,917 18,271,819 17,315,885
----------- ----------- ------------
Equity attributable
to equity holders of
the parent 23,740,599 22,845,607 22,173,354
Total equity 23,740,599 22,845,607 22,173,354
=========== =========== ============
Consolidated Cash Flow Statement
Note Year to Year to
31 December 31 December
2021 2020
GBP GBP
Cash flows from operating activities
Profit before tax for the period 3,483,855 2,848,077
Adjustments for:
Finance income (1,880) (16,480)
Finance costs 61,679 83,985
Depreciation 288,560 282,563
Amortisation 1,234,655 1,793,628
Impairment loss 570,812 888,579
Loss on disposal of property, plant and
equipment (PPE) 27,401 -
Share-based payment 12,963 6,991
Exchange differences 46,623 (300,569)
Decrease/(increase) in inventories (891,862) (435,667)
(Increase)/decrease in trade and other receivables (632,476) 347,803
Increase/(decrease) in trade and other payables 330,735 (9,354)
----------- -----------
Cash generated from operations 4,531,065 5,489,556
Tax (paid) / received (40,274) 40,536
----------- -----------
Net cash generated from operating activities 4,490,791 5,530,092
----------- -----------
Cash flows from investing activities
Interest received 1,880 16,480
Purchases of property, plant and equipment
(PPE) (185,878) (385,964)
Sale of property, plant and equipment (PPE) 1,500 -
Capitalisation of development costs and purchases
of intangible assets (2,124,529) (1,896,659)
----------- -----------
Net cash used in investing activities (2,307,027) (2,266,143)
Cash flows from financing activities
Equity dividends paid (1,907,448) (1,864,968)
Repayment of leasing liabilities (117,613) (108,195)
Interest paid (61,679) (83,985)
Sale of treasury shares - 47,529
----------- -----------
Net cash used in financing activities (2,086,740) (2,009,619)
Effects of exchange rate changes on cash and
cash equivalents (23,240) 23,742
Net increase/(decrease) in cash 73,784 1,278,072
Cash at beginning of period 11,765,974 10,487,902
----------- -----------
Cash at the end of the period 11,839,758 11,765,974
=========== ===========
Consolidated Statement of Changes in Equity
For the year ended 31 December 2021
Capital Cumulative Profit
Share Share redemption translation and loss Total
capital premium reserve reserve account Equity
GBP GBP GBP GBP GBP GBP
As at 31 December
2019 (reported) 739,000 3,699,105 256,976 162,388 17,027,245 21,884,714
Prior Year adjustment
(note 2) 288,640 288,640
------- --------- ---------- ----------- ----------- -----------
Balance at 1 January
2020 (restated) 739,000 3,699,105 256,976 162,388 17,315,885 22,173,354
Profit for the period - - - - 2,749,910 2,749,910
Exchange differences
on translating foreign
operations - - - (283,681) - (283,681)
------- --------- ---------- ----------- ----------- -----------
Total comprehensive
income for the period - - - (283,681) 2,749,910 2,466,229
Transactions with
owners:
Share-based payment - - - - 6,991 6,991
Deferred tax on share-based
payment - - - - 16,472 16,472
Dividends paid - - - - (1,864,968) (1,864,968)
Transfer of treasury
shares - - - - 47,529 47,529
------- --------- ---------- ----------- ----------- -----------
Balance at 31 December
2020 (restated) 739,000 3,699,105 256,976 (121,293) 18,271,819 22,845,607
======= ========= ========== =========== =========== ===========
As at 31 December
2020 (reported) 739,000 3,699,105 256,976 (121,293) 17,983,179 22,556,967
Prior Year adjustment
(note 2) 288,640 288,640
------- --------- ---------- ----------- ----------- -----------
Balance at 1 January
2021 (restated) 739,000 3,699,105 256,976 (121,293) 18,271,819 22,845,607
Profit for the period - - - - 2,845,434 2,845,434
Exchange differences
on translating foreign
operations - - - 23,894 - 23,894
------- --------- ---------- ----------- ----------- -----------
Total comprehensive
income for the period - - - 23,894 2,845,434 2,869,328
Transactions with
owners:
Share-based payment - - - - 12,963 12,963
Deferred tax on share-based
payment - - - - (79,852) (79,852)
Dividends paid - - - - (1,907,447) (1,907,447)
Sale of treasury
shares - - - - - - -
------- --------- ---------- ----------- ----------- -----------
Balance at 31 December
2021 739,000 3,699,105 256,976 (97,399) 19,142,917 23,740,599
======= ========= ========== =========== =========== ===========
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 accounting standards in conformity with the requirements of the Companies Act 2006. The accounting policies adopted in this results announcement have been consistently applied to all the years presented. The restatement of balance sheet items refers to lease liabilities which have been reclassified from current to non-current liabilities. The adjustment does not impact shareholder funds or profit previously stated.
2. The financial information set out above does not constitute the Group's statutory accounts for the years ended 31 December 2021 or 2020, but is derived from those accounts. Statutory accounts for 2020 have been delivered to the Registrar of Companies and those for 2021 will be delivered following the Annual General Meeting. The auditors have reported on 2021 accounts; their report includes a disclaimer of opinion; and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
3. The calculation of basic earnings per share is based on the weighted average number of Ordinary Shares in issue during 2021 of 73,253,120 (2020: 73,253,120) after adjustment for treasury shares on the profit after tax for 2021 of GBP2,845,434 (2020: GBP2,749,910). The calculation of diluted earnings per share incorporates 749,826 Ordinary Shares (20: 574,542) in respect of performance related employee share options. The profit after tax is the same as for basic earnings per share.
4. The AGM will be held on Wednesday 29(th) June 2022, exact location to be confirmed..
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.
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END
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