Concurrent Technologies PLC Trading update (9124Z)

TIDMCNC

RNS Number : 9124Z

Concurrent Technologies PLC

17 January 2024

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

17 January 2024

Concurrent Technologies Plc

(the "Company" or the "Group")

Trading update

Record year for growth providing confidence in updated strategy

Concurrent Technologies Plc (AIM: CNC), a designer and manufacturer of leading-edge computer products, systems and mission critical solutions used in high-performance markets by some of the world's major OEMs, is pleased to announce an update on trading for the year ending 31 December 2023 ("FY23").

Based on its unaudited management accounts for FY23, the Company expects to report revenues circa 5% ahead of market expectations* and adjusted profit before tax slightly ahead of market expectations**.

This makes FY23 a record year, with revenue in excess of GBP30m compared to GBP18.3m in FY22 and record profitability, notwithstanding a significant investment in the cost base through the year to accelerate future growth.

Miles Adcock, CEO of Concurrent Technologies, commented : "This has been another outstanding year for Concurrent Technologies delivering a record financial performance even after meaningful investment for growth in the cost base. Our success has been fuelled by significant design-in wins, new product releases and investment made in the Systems business, with the addition of Phillips Aerospace. With a year-on-year increase in revenue of over 60%, it is clear that our revised strategy and associated transformation is delivering results, and we are confident we now have the right team in place to continue this delivery and increase the Group's share of its addressable market in 2024 and beyond."

*Cavendish revenue expectations for 2023 are GBP29.5m

**Cavendish adjusted profit before tax expectations for 2023 are GBP3.5m

Enquiries:

 
Concurrent Technologies Plc 
 Miles Adcock - CEO 
 Kim Garrod - CFO                      [phone] 
Alma Strategic Communications 
 Josh Royston 
 Hannah Campbell                      [phone] 
 
 Cavendish Capital Markets Limited 
 (NOMAD) 
 Neil McDonald                        [phone] 
 Peter Lynch                          [phone] 
 

About Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded Plug In Cards and Systems 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 generation embedded Intel(R) Core(TM) processors, Intel(R) Xeon(R) and Intel 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.

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTBFMLTMTTBBMI

(END) Dow Jones Newswires

January 17, 2024 02:00 ET (07:00 GMT)