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.”