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3 September, 2020 - 10:15 By Tony Quested

Defence sector keeps Concurrent Technologies buzzing

The defence segment accounted for 68 per cent of turnover for Colchester company Concurrent Technologies plc in the six months to June 30.

A strong order intake resulted in a record order book in May, chairman Mark Cubitt revealed.

AIM-quoted Concurrent is a world leading specialist in the design and manufacture of high-end embedded computer boards for critical applications.

The interims reflect a positive trading period with strong sales, profit before tax and investment.

Despite the coronavirus pandemic, turnover was £9.2 million compared to £9.5m in the first half of 2019. Group operating profit was £1.2m (H1 2019: £1.6m) and profit before tax was £1.2m (H1 2019: £2.7m).

The interim dividend has been increased to 1.1p per share (H1 2019: 1.05p); the company suffered no cash burn year-on-year and had a cash balance, including deposits, of £10m at the end of June.

Cubitt said: “Despite the ongoing situation regarding COVID-19 and the one-time additional costs associated with the reorganisation of the engineering team, the group's trading has been consistently strong throughout a very volatile period and the team has successfully built on an excellent 2019. 

“With a robust balance sheet and a solid overall order book, the group is in an excellent position for future growth and the board has confidence in meeting market expectations for the current year.”

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