Exports generate 90 per cent of revenues at Concurrent Technologies
Hi-tech Colchester company Concurrent Technologies Plc saw its share price rise almost nine per cent after reporting substantially higher turnover and pre-tax profit for the six months to June 30.
Concurrent is a world leading specialist in the design and manufacture of high-end embedded computer boards for critical applications.
The interims reflected a positive trading period with strong sales, profit before tax and investment.
Turnover was up to £9.5 million from £7.9m year-on-year while profit before tax was more than double at £2.7m (H1 2018: £1.1m); the interim dividend was increased to 1.05p per share from 0.95p this time last year. The company also hoisted its cash balance to £10m from £7.8m in the first half of 2018.
Sales increased across all sectors, with defence still the largest individual one, accounting for 58 per cent of group turnover during the period.
Concurrent had a record order book and continued to expand its global customer base with exports generating 90 per cent of group revenues.
With an eye to sustaining future growth the business increased its investment in R & D and says it is committed to further investment in its UK manufacturing facility.
Chairman Michael Collins said: “Whilst the turnover of the first half may not reach the same level in the second half, the increased order intake has resulted in a new record order book, the majority of which is expected to ship within the next 12 months.
“As such, the board is confident that the company will deliver a successful performance for the full financial year.”