Concurrent Technologies reveals ‘record results’ as profit doubles
Computer product manufacturer Concurrent Technologies looks set to report “record results” in the first six months of its financial year following a swathe of new client wins.
The AIM-listed firm achieved a pre-tax profit of £2m in the six months ended June 30, 2024 – double its pre-tax profit of £1m in the same period in the year before.
The increase came amid significantly boosted sales with Concurrent’s revenue hitting £16.8m during the period, compared to just over £12m in the same six months of 2023.
The company, whose products are used in the defence, aerospace and telecoms sectors, grew its order intake for the period to £17.8m, up from £14.5m in the first six months of 2023.
During the six months Concurrent won eight “major design wins”, which it said are expected to ramp up over two to three years and will be delivered over a seven-to-10-year period.
Miles Adcock, CEO of Concurrent Technologies, said: “A pleasing first half as we deliver record results, very much as anticipated.
“The business has been adapting to some customer delays in order placements late 2023 into H1 2024, which are now largely recovered, and management has been focussed on balancing cost and profitability as we continue to mobilise the business for growth in both boards and systems.
“The good performance in securing major design wins builds on the success of 2023 in creating a long-term expectation of substantive growth.
“It is exciting to see these design wins come through from the USA, but also now from the UK, Europe, and Asia Pacific.”
These results follow a strong financial year 2023 for the company, with its shares jumping by more than five per cent in May after it posted its full results.
Concurrent reported revenue of £31.7m, up 73 per cent from 2022, and profit before tax of £3.7m, up 959 per cent from the previous year’s £400,000.
It said £5m of orders came from the UK, a five-fold increase on previous typical sales volumes.
In the year ended December 2023, Concurrent’s earnings before interest, tax, deprecation and amortisation (EBITDA) more than doubled to £6m from £2.1m in 2022.