Concurrent H1 revenues grow, PBT doubles
By Iain Gilbert
Date: Monday 15 Jul 2024
(Sharecast News) - Computer products manufacturer Concurrent Technologies said on Monday that it was "well positioned" to deliver full-year results that were in line with expectations as it reported interim growth in both revenue and earnings.
Concurrent expects to report interim revenues of £16.8m, up from £12.1m a year earlier, while H1 pre-tax profits were expected to double to £2.0m. Order intake during the period came to £17.8m, up from £14.5m at the same time 12 months prior.
The AIM-listed group stated the "cadence of major design wins" continued to improve during H1, with eight major wins secured throughout the period, all of which were expected to "ramp up" over two-to-three years and be delivered over a seven-to-ten-year period, depending on each specific programme.
Chief executive Miles Adcock 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 H124, 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."
As of 0910 BST, Concurrent shares were down 1.44% at 101.52p.
Reporting by Iain Gilbert at Sharecast.com
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