Trading Update

RNS Number : 4894L

Concurrent Technologies PLC

12 August 2013

 



12 August 2013

Concurrent Technologies Plc

Trading Update

Concurrent Technologies Plc ("the Company"), a world leading specialist in the design and manufacture of high-end embedded computer products for critical applications in the defence, aerospace, telecommunications, transportation, scientific and industrial markets, today provides the following trading update.

The Company has recently encountered a number of problems in satisfying customer demand from emerging markets as a result of the application of UK Government Export Control Regulations to those of its products which contain encryption technology.

The Company has consulted with, and received the support of, its local MP, Sir Bob Russell, who has raised the matter with the Secretary of State for Business, Innovation and Skills (BIS), Dr Vince Cable MP. The Company is now working closely with BIS who are reviewing the system of control to determine whether the affected products may be moved to a more flexible export licencing system.  

This issue is having a negative impact on the Company's financial performance in the short term. The scale of this impact is difficult to assess accurately at the current time, but the Board expects to have greater clarity at the time of the Interim Results, which are expected to be released in September 2013. The Company closed the half year to 30 June 2013 with a strong cash position (including deposits) of £5.3m (30 June 2012: £5.0m).

Once this short-term issue is overcome, the Board is confident that the diversity of the Company's product range and its customer base will continue to generate solid results.

Enquiries:

Concurrent Technologies Plc Glen Fawcett, Managing Director	[phone]
Newgate Threadneedle (Financial PR) Caroline Evans-Jones Robyn McConnachie	[phone]
Cenkos Securities plc (NOMAD) Ken Fleming Neil McDonald	[phone] [phone]

Note to Editors:

About Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded computer products for use in a wide range of high performance applications within the telecommunications, defence, security, telemetry, scientific and aerospace markets. The Company offers a wide range of computer products which are designed to be compliant with industry specifications including those for products used in extremely harsh environments.

For more information on Concurrent Technologies Plc and its products please visit www.cct.co.uk.

 

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