TIDMCNC
RNS Number : 1332G
Concurrent Technologies PLC
17 July 2023
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
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be in the public domain.
17 July 2023
Concurrent Technologies Plc
(the 'Company')
Post-Close Trading Update
Concurrent Technologies Plc (AIM: CNC), a world-leading
specialist in the design and manufacture of high-end embedded
computer systems and boards for critical applications, is pleased
to announce a trading update for the six months to 30 June 2023
("H1 FY23").
Based on its unaudited management accounts for H1 FY23, the
Company expects to report revenue of approximately GBP12M (H1 FY22:
GBP7.4M) and profit before tax of approximately GBP1M (H1 FY22:
GBP0.1M). This represents record first half revenues for the
business and an increase of 60 per cent compared to the equivalent
prior year period. The business is now operationally geared for a
higher revenue outturn and is well positioned for future
growth.
Order intake remains strong with H1 FY23 intake of GBP14.5M and
an order backlog, as at 30 June 2023, of approximately GBP29M.
Global supply chain shortages continued to suppress revenues in
H1 FY23; however, the current position is very different to January
2023 and, whilst supply chains have not returned to historical
norms, they are much more favourable and continue to improve. In
recent weeks, the Company has taken significant deliveries of
previously supply-restricted components and is seeing improved
forecasts from suppliers for both schedules and quantities. The
revenue profile across H1 FY23 reflects this, with monthly revenues
improving throughout the period. Accordingly, cash management
remained a focus for the Company during H1 FY23 and working capital
employed in the business remained higher than would be typically
required. It is expected that this position will begin to reduce
across the second half of the year, with potentially stronger
revenues, and the unwinding of the inventory holdings that have
been established to date.
The Board believes that the Company is in line to deliver
revenues slightly ahead of current market expectations and profit
before tax materially ahead of market expectations.
Notice of Results
The Company expects to publish its interim results for the six
months to 30 June 2023 on Tuesday 19 September 2023.
Chief Executive Officer, Miles Adcock, said "We are at an
inflection point. Now that components are becoming more readily
available, we will enter a period of growth. H1 FY23 revenue was a
record first half for us, and I believe H2 FY23 will be better
still. Following a period of ongoing transformation, this business
now has the capability, capacity, and ambition to deliver sustained
growth. Whilst the management team remains prudent in its
assessment of the short-term rate of improvement in the supply
chain, I can confidently say that we have much greater control of
our destiny. Fuelled by record levels of order intake and customer
engagement, we are driving to continuously improve our performance
for all our stakeholders."
*Consensus revenue expectations for 2023 are GBP25m
**Consensus profit before tax expectations for 2023 are
GBP2.7m
Enquiries:
Concurrent Technologies Plc
Miles Adcock, CEO +44 (0)1206 752626
Kim Garrod, CFO +44 (0)1206 752626
SEC Newgate (Financial PR)
Bob Huxford +44 (0)20 3757 6880
Alice Cho +44 (0)20 3757 6880
Matthew Elliott concurrent@secnewgate.co.uk
Cenkos Securities Plc (NOMAD)
Neil McDonald +44 (0)131 220 9771
Peter Lynch +44 (0)131 220 9772
About Concurrent Technologies Plc
Concurrent Technologies Plc develops and manufactures high-end
embedded computer products 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
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END
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