Interim Results

Concurrent Technologies PLC
02 September 2024
 

 

2 September 2024

 

 

Concurrent Technologies Plc

(the "Company" or the "Group")

 

Half year results for the six months to 30 June 2024

 

Record H1 financial performance, delivering good contract momentum

 

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 its results for the six months to 30 June 2024 ("H1 2024").

 

Financial highlights

 


H1 2024

H1 2023 

% change

Revenue 

£16.8m 

£12.1m

+39

Gross profit 

£8.5m 

£6.0m

+42

Profit before tax

£2.3m 

£1.0m

+130

Earnings per share 

2.68p 

1.54p

+74

EBITDA 

£3.3m 

£2.1m

+57

Order intake

£17.8m

£14.5m

+23

Closing cash 

£8.9m 

£3.0m

+197

 

 

·   

A record financial performance in the period, achieving a year-on-year revenue increase of 39% to £16.8m and more than doubling of profit before tax (PBT) to £2.3m.

·   

Order intake increased by 23% to £17.8m.

·   

Strong focus on balancing cost and profitability, delivering EBITDA of £3.3m from revenue of £16.8m while maintaining investment in R&D, Systems and go-to-market teams to mobilise the Group for growth in Boards and Systems.

·   

Cash balance remains strong at £8.9m (HY 2023: £3.0m), post a significant supplier payment in the period for key Last-Time-Buy components (£3.5m).

 

 

Operational highlights

 

·   

Continued investment in R&D in line with strategy.

·   

Formal alignment of the Company's leadership structure to its vision and ambition has seen it split into leadership teams servicing Products and Systems and representing a first step in moving to a two-revenue streamed business.

 

Products

 

·   

Secured eight major design wins across US, UK, Europe and Asia Pacific in the period, which is equal to amount won in the whole of FY23, creating a long-term expectation of substantive growth. Since the change in management and the resulting new strategy, 16 major design wins have been delivered in total at the end of H1 2024.

·   

The design wins include the Group's largest ever contract to date of $6m (including extension), with a major US Defence & Aerospace prime contractor.

 

Systems

 

·   

Phillips Aerospace had a strong start in its first full year as part of the Group, successfully merging into the Company's culture and ways of working and delivering significant progress in the US.

·   

Strategic investment in key hires, with the appointment of a new Vice President of Systems, and the planning for a relocation into a new facility in the Brea region of Los Angeles.

·   

Two contracts (over $200k in value) secured in the period through Phillips, with a total value of $518k, where the products are new offerings directly related to the Group's stated strategy for providing integrated computer systems.

 

Outlook

 

·   

Momentum built in H1 2024 has continued into H2 2024 with a healthy pipeline of opportunities across both Products and Systems.

·   

The eight major design wins in H1 2024 will see their programmes bolstered over the next two-to-three years, before being delivered over a seven-to-ten-year period.

·   

The Board is confident in delivering results for 2024 in line with market expectations.

 

Miles Adcock, CEO of Concurrent Technologies, commented: "Demonstrated by the record financial performance in the period, we are successfully delivering on the Group's growth strategy that everyone at Concurrent Technologies has worked hard to implement. The Group has been transformed over the last three years and the eight major design wins in the period, from across the globe, reflect the progress that we have made.

 

"We have entered the second half of the year with good momentum and remain focused on managing cost and investment to drive substantial growth in the coming years across our Products and Systems divisions."

 

 Enquiries:

Concurrent Technologies Plc
Miles Adcock - CEO

Kim Garrod - CFO

 

 

 

+44 (0)1206 752626

Alma Strategic Communications
Josh Royston

Hannah Campbell

Will Merison

 


+44 (0)20 3405 0205



Cavendish Capital Markets Limited (NOMAD)

Neil McDonald

Peter Lynch



+44 (0)131 220 9771

+44 (0)131 220 9772

 

About Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded Plug In Cards (PICs) 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® processors, including the latest generation embedded Intel® Core™ processors, Intel® Xeon® and Intel Atom™ 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.

 

CEO's statement

Overview

 

During the first half, we sustained significant momentum, delivering a record financial performance. This success aligns with our revised growth strategy which is aimed at becoming a materially larger business in the coming years. We achieved revenues of £16.8m, up 39% on H1 2023 (£12.1m), driven by an increasing number of major design wins and the expansion of our presence in the Systems market, where we benefitted from a full H1 revenue contribution from the acquisition of Phillips Aerospace. We received a record order intake of £17.8m in the half, positioning the Group well to continue executing on its ambitions and providing the Board with confidence in delivering 2024 results in-line with market expectations.

 

Strategy update

 

As announced at the 2023 results, the Group now moves towards having two divisions - Products and Systems - to align with our growth strategy and ambition to be the first to market with the latest technology. During the period, we further formalised our business structure, incorporating the acquired Phillips Aerospace into Systems and adjusting our leadership teams to reflect this progress and focus. 

 

Products

 

Just as significant as a record financial performance, is the continued success in securing major design wins, which are the foundations for our future growth. We classify a major design win as any instance where we know the customer has selected our product to be part of their long-term production programme and where that programme can achieve more than £1m per annum of revenue for the Group in future years. These opportunities will typically take two to three years to ramp up in volume. Historically, such large design wins were rare for Concurrent Technologies, but we are proud to report that eight major design wins were secured in H1 2024, the same level secured throughout the whole of FY23, helping to underpin a roadmap for material revenue growth in future years. Whilst dominated by customers in the USA, it is encouraging to note that, within these eight recent wins, there includes one for the UK, one for Italy, and one for South Korea, and we can expect typical order sizes for these contracts to increase over time. Importantly, we secured our single largest contract win to date, worth an initial $4.5m (growing to $6m with the extension announced in August 24), to supply a major US Defence & Aerospace prime contractor with multiple standard PICs. This win is a reflection of Concurrent Technologies now competing for large scale opportunities, often displacing much larger incumbent competitors from that customer.

 

Systems

 

It has been nearly a year since acquiring Phillips Aerospace, which has now been merged with our non-US Systems business and where we are already seeing significant progress. Thanks to the hard work of the Phillips team, alongside the Sales team, the Group is securing new Systems work in LA and has a growing pipeline of opportunities.

 

The Systems business is strategically benefitting from careful investment in key hires, and tools, and the planning for a relocation into a new facility in the Brea region of Los Angeles is well underway. Of note, post-period end, we were pleased to welcome Michael Harden to the Group, joining our Executive Committee as Vice President of the Systems business in LA. Michael brings a wealth of experience in the aerospace and defence industries, across sales and marketing and manufacturing operations, and so is well-equipped to lead the growth of our Systems business.  

 

The Group's mobilisation effort, combined with the continuing maturation of our opportunity pipeline, builds confidence in the growth potential of the business.

 

R&D

 

We continued to innovate and expand our product portfolio in the period, responding to the needs of our customers by launching two new products. Rhea is a further addition to our VME range of embedded processor boards and has been launched to harness this very latest technology for customers looking for a simple, cost-effective upgrade. We have a long track record for delivering excellent VME boards based on Intel® processors. We estimate the VME board market is approaching $300m and part of our board strategy is a commitment to offer VME processor boards to support existing and new VME customers, and Rhea is a timely proof point. We also launched Magni, a SOSA (open-standard) aligned, high-performance PIC based on an Intel® processor. Magni complements our product portfolio and will be useful to ourselves and other systems integrators with improved scope for flexible design solutions that optimise for size, weight, and power. This extends the user applications that we can serve whether as a standalone card or as an integrated system.

 

Post-period end, we launched a new compute intensive PIC, TR MDx/6sd-RCR, to meet growing customer demand. The PIC has enhanced features, including a wider operating temperature range, reduced weight, advanced networking capability, and secure on-board storage which addresses a crucial demand in the industry, allowing us to offer a product that is both innovative and highly efficient. We have a strong pipeline of orders for this product, including from our largest ever contract win, and we anticipate shipping fully qualified products within the year to meet growing customer demand.

 

Board update

 

In February 2024, we were delighted to welcome Issy Urquhart to the Board as an Independent Non-Executive Director. Issy brings over 30 years' experience working with global technology and financial services businesses in both the public and private sectors, where she's been responsible for implementing successful people programs and leading extensive business change and culture initiatives. The Group is already benefitting from her expertise in driving people and change management strategies across trans-Atlantic operations and, as a Board, we are confident Issy will be an invaluable guide to the business as we deliver on our growth strategy and create the right environment for our people to succeed.

 

Outlook

 

We are pleased with the Group's performance in H1 2024, delivering the results as anticipated. With the game-changing step up in major design wins during the period, this transformed business is now starting to deliver on the growth for which the strategy of the last three years was created. That strategy will be valid for some years yet, and we will continue to hold steady and execute as planned.

 

We have entered the second half with good momentum, with a healthy pipeline of opportunities across both Products and Systems, providing confidence in achieving results for FY24 in line with market expectations and beyond.

 

Miles Adcock

Chief Executive Officer

 

CFO's Statement

We are pleased to report a strong H1 2024 performance on all metrices.

 

Revenue at a 39% increase on the prior year is an exceptional performance and in line with our ambitions of growth, and the investment we have made in the business. Defence remains our strongest market at 82%, with Communications showing some growth, due to scheduled deliveries to our long-term customer. Backlog remains strong at c.£24.4m, following a solid order performance in H1 2024.

 

Gross profit is strong at £8.5m and gross margin continues to improve, with an additional 1.4 points (to 50.8%) from the 2023 results. We continue to drive hard on strengthening gross margin through our design teams and procurement.

 

PBT has more than doubled against the prior year position. Despite costs increasing, the record revenue and gross margin is coming through strongly (the output of the growing investment made in costs), resulting in a 13.6% PBT margin, moving us towards historical levels of margin performance, in line with our strategy of profitable growth.

 

We continue to invest in product development, the heart of our business, to drive greater design wins and revenue going forward. We continue to drive efficiency in all that we do to get our products to market early, within costs and to be significant future revenue generators. Product development costs were c£2m in period, in line with our planning. EBITDA in period was £3.3m, with amortisation at c£0.7m.

 

Cash has increased by c£6m from the end of H1 FY23 but has dropped c£2.2m from year end. This is due to a significant payment (c£3.5m) for a Last-Time-Buy purchase we made in FY23. H2 is expected to increase in cash generation due to normalisation of component purchase (i.e. no one-off large payment).

 

We remain on track for a strong year and delivery in line with market expectations, plus further consolidation of opportunities for our future years, with strong design wins in both systems and products.

 

Kim Garrod

Chief Financial Officer

 

 

Condensed Consolidated Statement of Comprehensive Income

Unaudited interim results to 30th June 2024



Six months

 

Six months

 

Year

 



ended

 

ended

 

ended

 


Note

30/06/24

 

30/06/23

 

31/12/23

 

CONTINUING OPERATIONS

 

£

 

£

 

£

 

Revenue

 

  16,806,040


  12,139,625


  31,656,316


Cost of sales


   (8,262,205)


   (6,100,879)


 (16,018,368)


Gross profit

 

    8,543,835


    6,038,746


  15,637,948


Net operating expenses


   (6,233,895)


   (5,028,784)


 (11,951,314)


Group operating profit

 

    2,309,940


    1,009,962


    3,686,634


Interest Costs


       (34,271)


       (52,871)


       (86,010)


Finance income


         33,236


         16,405


         68,145


Exceptional acquisition expenses


       (21,000)


                -  


      (195,881)


Profit before tax

 

    2,287,905


       973,496


    3,472,888


Tax


         11,024


       154,441


       400,248


Profit for the period

 

    2,298,928


    1,127,937


    3,873,136










Other Comprehensive Income

 







Exchange differences on translating foreign operations

       (63,315)


       (41,338)


      (101,340)


Tax relating to components of other comprehensive income

                  -


                  -


                  -


Other Comprehensive Income for the period, net of tax

       (63,315)


       (41,338)


      (101,340)


Total Comprehensive Income for the period

 

    2,235,613


    1,086,599


    3,771,796










Profit for the period attributable to:

 







Equity holders of the parent


    2,298,928


    1,127,937


    3,771,796










Total Comprehensive Income attributable to:

 







Equity holders of the parent


    2,235,613


   1,086,599


    3,771,796










Earnings per share

 







Basic earnings per share

4

2.68p


1.54p


 4.98p










Diluted earnings per share

4

2.55p


1.54p


 4.85p










Adjusted earnings per share


2.71p


1.54p


 4.85p


 

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

Unaudited interim results to 30th June 2024



As at

 

As at

 

As at

 


30/06/24

 

30/06/23

 

31/12/23

ASSETS

 

£

 

£

 

£

Non-current assets

 






Property, plant and equipment


    2,538,301


    2,528,605


    2,465,883

Intangible assets


  15,262,421


    9,843,724


  13,914,398

Deferred tax assets


       432,642


       321,577


       432,642

Other Financial Assets


                -  


                -  


                -  



  18,233,364


  12,693,906


  16,812,923

Current assets

 






Inventories


  10,687,202


  11,048,329


  11,958,500

Trade and other receivables


    7,402,705


    5,337,017


    6,442,827

Current tax assets


       720,963


    1,126,010


    1,492,621

Other Financial Assets


                -  


                -  


                -  

Cash and cash equivalents


    8,948,035


    2,976,823


  11,118,728



  27,758,905


  20,488,179


  31,012,676








Total assets

 

  45,992,269


  33,182,086


  47,825,599








LIABILITIES

 






Non-current liabilities

 






Deferred tax liabilities


    2,096,186


    2,311,767


    2,094,095

Trade and other payables


       577,847


    1,118,819


       695,273

Long term provisions


       315,135


       309,735


       315,135



    2,989,168


    3,740,321


    3,104,503

Current liabilities

 






Trade and other payables


    5,410,615


    5,165,320


    9,666,412

Short term provisions


         18,256


         18,256


         18,256

Current tax liabilities


                -  


         51,864


                -  



    5,428,871


    5,235,440


    9,684,668








Total liabilities

 

    8,418,039


    8,975,761


  12,789,171








Net assets

 

  37,574,230


  24,206,325


  35,036,428








EQUITY

 






Capital and reserves

 






Share capital


       861,692


       739,000


       861,692

Share premium account


    9,950,231


    3,699,105


    9,950,231

Merger reserve


    1,283,457




    1,283,457

Capital redemption reserve


       256,976


       256,976


       256,976

Cumulative translation reserve


      (192,591)


       (69,274)


      (129,276)

Profit and loss account


  25,414,465


  19,580,518


  22,813,348

Equity attributable to equity holders of the parent

  37,574,230


  24,206,325


  35,036,428








Total equity

 

  37,574,230


  24,206,325


  35,036,428

 

 

 

 

 

Condensed Consolidated Cash Flow Statement

Unaudited interim results to 30th June 2024

 


Six months

 

Six months

 

Year

 


ended

 

ended

 

ended

 


30/06/2024

 

30/06/2023

 

31/12/2023

 


£

 

£

 

£

Cash flows from operating activities

 






Profit before tax for the period


    2,287,905


       973,496


    3,472,888

Adjustments for:







Finance income       


       (33,236)


       (16,405)


       (68,145)

Finance costs


         34,271


         52,871


         86,010

Depreciation       


       307,553


       447,858


       806,236

Amortisation       


       658,288


       650,862


    1,509,167

Impairment loss       


                -  


                -  


         31,557

Loss on disposal of property, plant and equipment (PPE)      

                -  


                -  


                -  

Share-based payment       


       547,745


       155,603


       430,854

Exchange differences       


       (90,153)


       (44,219)


      (145,706)

(Increase)/decrease in inventories       


    1,271,298


      (957,892)


   (1,868,063)

(Increase)/decrease in trade and other receivables       

      (959,878)


       102,895


   (1,029,033)

Increase/(decrease) in trade and other payables       

   (4,228,849)


      (663,334)


    2,853,322

Cash generated from operations


      (205,056)


       701,734


    6,079,087

Tax (paid)/received


       539,219


      (155,183)


      (444,210)

Net cash generated from operating activities


       334,163


       546,551


    5,634,877








Cash flows from investing activities

 






Interest received


         33,236


         16,405


         68,145

Cash placed on deposit


                -  


                -  


                -  

Purchases of property, plant and equipment (PPE)


      (379,243)


      (235,971)


      (495,973)

Payment of acquisition of subsidiary net of cash acquired

                -  


                -  


      (685,767)

Purchases of intangible assets


   (1,984,911)


   (1,744,508)


   (3,977,839)

Net cash used in investing activities


   (2,330,918)


   (1,964,074)


   (5,091,434)








Cash flows from financing activities

 






Equity dividends paid


                -  


                -  


                -  

Repayment of leasing liabilities


      (144,374)


       (70,210)


      (215,209)

Interest paid


       (34,271)


       (52,871)


       (86,010)

Issue of ordinary shares net of issue costs


                -  


                -  


    6,355,741

Purchase of treasury shares


                -  


                -  


                -  

Net cash used in financing activities


      (178,645)


      (123,081)


    6,054,522








Effects of exchange rate changes on cash and cash equivalents

           4,707


           4,707


           8,043








Net increase/(decrease) in cash

 

   (2,170,693)


   (1,535,897)


    6,606,008

Cash at beginning of period


  11,118,728


    4,512,720


    4,512,720

Cash at the end of the period


    8,948,035


    2,976,823


  11,118,728

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY





Capital

Cumulative

Profit



Share

Share

Merger

redemption

translation

and loss

Total

 

capital

premium

reserve

reserve

reserve

account

Equity

 

£

£

£

£

£

£

£

Balance at 1 January 2023

739,000

3,699,105


256,976

(27,936)

18,509,357

23,176,502









Profit for the period

-

-


-

-

1,127,937

1,127,937

Exchange differences on translating foreign operations

-

-


-

(41,338)

-

(41,338)

Total recognised comprehensive income for the period

-

-


-

(41,338)

1,127,937

1,086,599

Share-based payment

-

-


-

-

155,603

155,603

Deferred tax on share based payment

-

-


-

-

(212,379)

(212,379)

Dividends paid

-

-


-

-

-

-

Sale of treasury shares

-

-


-

-

-

-

Issue of Ordinary shares

-

-


-

-

-

-

Balance at 30 June 2023

739,000

3,699,105

-

256,976

(69,274)

19,580,518

24,206,325









Total recognised comprehensive income for the period

-

-


-

-

2,745,199

2,745,199

Exchange differences on translating foreign operations

-

-


-

(60,002)

-

(60,002)

Total recognised comprehensive income for the period

-

-


-

(60,002)

2,745,199

2,685,197

Share-based payment

-

-


-

-

275,251

275,251

Deferred tax on share based payment

-

-


-

-

212,379

212,379

Dividends paid

-

-


-

-

-

-

Sale of treasury shares

-

-


-

-

-

-

Merger reserve

18,077


1,283,457




1,301,534

Shares issued during the year

104,615

6,251,126





6,355,741

Balance at 31 December 2023

861,692

9,950,231

1,283,457

256,976

(129,276)

22,813,347

35,036,427









Total recognised comprehensive income for the period

-

-


-

-

2,298,928

2,298,928

Exchange differences on translating foreign operations

                -  

                -  


                -  

       (63,315)

                -  

       (63,315)

Total recognised comprehensive income for the period

                -  

                -  


                -  

       (63,315)

    2,298,928

    2,235,613

Share-based payment

                -  

                -  


                -  

                -  

       547,745

       547,745

Deferred tax on share based payment

                -  

                -  


                -  

                -  

      (245,555)

      (245,555)

Dividends paid

                -  

                -  


                -  

                -  

                -  

                -  

Issue of ordinary shares

                -  

                -  


                -  

                -  

                -  

                -  

Sale of treasury shares

                -  

                -  


                -  

                -  

                -  

                -  

Balance at 30 June 2024

       861,692

    9,950,231

    1,283,457

       256,976

      (192,591)

  25,414,465

  37,574,230

 

NOTES TO THE INTERIM REPORT

1.    General information

The principal activity of the Group is the design, manufacture and supply of innovative high-end embedded single board computers and complementary accessories aimed at a wide base of customers within the defence & aerospace, telecommunications, medical and other markets.

Concurrent Technologies PLC ("the Company") is the Group's ultimate parent company.  It is incorporated and domiciled in Great Britain.  Concurrent Technologies PLC shares are listed on the Alternative Investment Market of the London Stock Exchange.

The Group's condensed consolidated interim financial statements are presented in pounds sterling (£), which is also the functional currency of the parent company.

These condensed consolidated interim financial statements, which are unaudited, have been approved for issue by the Board of Directors on 30 August 2024.

The information relating to the six months ended 30 June 2024 is unaudited and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2023, prepared in accordance with IFRSs (International Financial Reporting Standards) as adopted by the European Union, have been reported on by the Group's auditors and delivered to the Registrar of Companies.

2.    Summary of significant accounting policies

 

2.1  Basis of preparation

These condensed consolidated interim financial statements are for the six months period ended 30 June 2024.  They have been prepared in accordance with IAS 34 "Interim Financial Reporting".  They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2023, which have been prepared in accordance with adopted IFRSs.

 

The accounting policies applied, and methods of computation are consistent with those of the annual financial statements for the year end 31 December 2023, as described in those financial statements.  The accounting policies have been consistently applied to all the periods presented.

There are no new IFRSs or IFRIC interpretations that are effective for the first time for the financial period beginning on or after 1 January 2024 that would be expected to have a material impact on the results or financial position of the Group.

2.2  Going Concern

The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing these condensed financial statements.

2.3  Taxation

Current tax expense is recognised in these condensed consolidated interim financial statements based on the estimated effective tax rates for the full year.

 

3.    Segmental reporting

The Directors consider that the Group is engaged in a single segment of business, being design, manufacture of high-end embedded computer products and that therefore, the Company has only a single operating segment.  The key measure of performance used by the Board to assess the Group's performance is the Group's profit before tax, as calculated under IFRS, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the condensed consolidated interim financial statements.

4.    Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders for the period by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all contracted dilutive potential ordinary shares. The Company only has one category of dilutive potential ordinary shares, namely share options.

                The inputs to earnings per share calculation are shown below:

The inputs to the earnings per share calculation are shown below:














Six months

 

Six months

 

Year

 







ended

 

ended

 

ended

 







30/06/24

 

30/06/23

 

31/12/23

 







£

 

£

 

£

Profit attributable to ordinary equity holders




        2,298,928


        1,127,937


        3,873,136




















Six months

 

Six months

 

Year

 







ended

 

ended

 

ended

 







30/06/24

 

30/06/23

 

31/12/23

 







 

 

 












Weighted average number of ordinary shares for basic earnings per share


      85,637,714


      73,673,490


      77,833,759

Adjustment for share options






        4,554,202




        2,069,974

Weighted average number of ordinary shares for diluted earnings per share


      90,191,916


      73,673,490


      79,903,733

 

5.    Shareholder Communication

A copy of these condensed interim financial statements is available from the Company's Registered office at:

4 Gilberd Court,

Newcomen Way,

Colchester,

Essex, UK

CO4 9WN

They are also available from the Company's website at www.gocct.com.

 

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