Concurrent Technologies Plc
(the “Company” or the “Group”)
Final results for the year ended 31 December 2024
Record financial performance, underpinning confidence in long-term growth
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, announces its audited final results for the year ended 31 December 2024.
Financial Highlights
| 2024 | 2023 Restated | % change | |
| Revenue | £40.3m | £31.7m | 27% |
| Gross Profit | £20m | £15.6m | 28% |
| Profit before tax & exceptionals | £5.2m | £3.7m | 40% |
| Earnings per share | 5.49p | 4.06p | 26% |
| Dividend per share | 1.1p | 1.0p | 10% |
| EBITDA | £7.8m | £6.0m | 30% |
| Order intake | £41m | £28.2m | 45% |
| Closing cash | £13.7m | £11.1m | 23% |
- Record financial performance in FY24, delivering revenue of £40.3m, up 27% on the prior year.
- Profit before tax increased by c.40% to £5.2m, including a significant investment of £1.1m in the Systems business, as planned.
- Gross profit increased by 28% to £20m (FY23 £15.6m) reflecting the significant increase in revenue with the gross profit margin remaining strong at 49.5% (FY23 48.4%)
- EBITDA increased by 30% to £7.8m (FY23 £6.0m).
- Cash generative with closing net cash balance of £13.7m (FY23 £11.1m), despite a one-off exceptional last-time investment in inventory in H1 of $4.6m / £3.5m.
- The Board will propose, at the Company’s Annual General Meeting to be held on 12 June 2025, a final dividend of 1.1 pence per Ordinary Share in the Company (FY23 1.0p). Subject to the approval of shareholders, the final dividend will be paid on 4 July 2025 to shareholders on the register on 20 June 2025.
Operational Highlights
- Continued investment in R&D to improve the cadence and time to market of the Group’s products as demonstrated by several new product launches including Rhea, to support existing and new VME customers and Hermod II, highlighting the Group’s ambitious product roadmap within the Systems business.
- New partnerships secured, including with Parry Labs, Eizo Rugged and a fast-growing defence prime contractor in the US, which are critical for the Group to strengthen its position in the defence sector.
- Launch of new website and update to branding to better reflect the Company’s vision and ambitions.
- The Group now structured and operating across two business units – Products and Systems – to align with growth strategy.
Products business unit
- Secured 22 design wins across key geographies, including 10 ‘major wins’ underpinning the Group’s long-term growth trajectory.
- The design wins include the largest-ever contract to date, with a major US Defence & Aerospace contractor, valued at $6 million, set to contribute materially from 2027.
- Invested in machinery, test equipment and power infrastructure to enhance manufacturing efficiency.
Systems business unit
- Significant investment in FY24 with performance in line with the Board’s expectations and Phillips Aerospace now fully integrated into the non-US Systems business.
- Early signs of success, driven by a significant $3.7m design win contract with a leading defence platform provider in Asia, a new market for the Systems business unit.
- Strategic investments in key hires to accelerate growth, including a new Vice President of Systems in LA, and doubling the size of the team in the region.
Post-Period End
- Received a significant £3.4m order for the Company’s VME-based 6U computer boards from a long-standing European customer, underscoring the Group’s support for the VME standard.
- Launched Kratos, one of the first and most powerful rugged plug-in card’s available today, built on Intel’s latest 6516P-B processor which the Company had access to six months early.
- Commenced trading on the OTCQX® Best Market in the US, in addition to AIM, to better engage with US investors, data distributors and media partners.
- 20-year lease for a new property for Concurrent’s Colchester based headquarters and manufacturing capability agree, with planned capacity expansion in US in FY25 to meet the growing demand for the Group’s products.
Outlook
- There is growing momentum across the Products and Systems business units, and the Company expects this trend to continue in the coming years.
- The Group aims to navigate the rapidly evolving tariff arrangements being implemented by the US administration with efficiency and pricing measures, as well as monitoring any impact of longer-term tariffs on the Company’s programmes and markets.
- Board expects trading for the full year to be in line with market expectations.
Miles Adcock, CEO of Concurrent Technologies, commented: “FY24 has been another transformative year for Concurrent in which we delivered a robust financial performance, demonstrating the success of our refreshed strategy. Our focus on delivering industry-leading solutions at pace and investing in both our Products and Systems business units, position us well for long-term growth.
“2025 has started strongly in terms of both output and winning. Notwithstanding the significant uncertainty created by new tariffs, we currently expect to deliver results for FY25 in line with market expectations.”