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(Alliance News) - Concurrent Technologies PLC on Monday said it looks ahead with confidence, despite noting a delay in its 2022 results.
The Essex, England-based designer and manufacturer of computer boards had previously said that its results will be published on Wednesday. However, on Monday, Concurrent said that its auditor has requested a further delay of a "few days" in order to complete their final reviews.
Concurrent is required to publish its audited 2022 results by no later than June 30.
In line with its previous guidance, issued in January, the company expects to report revenue of GBP18.2 million.
It said that this has been achieved "despite the global supply chain shortages which extended lead times throughout the year, delaying manufacture, shipping and revenues."
It added that the audit process is expected to result in a change in the capitalisation of historical research and development costs over the period 2016 to 2020 that requires a prior year adjustment being booked in the closing accounts for the financial year to 31 December 2020 of approximately GBP1.1 million.
Concurrent explained that there will be no material impact on the reported profit for 2021, but the change has resulted in profitability for 2022 being reduced by about GBP600,000.
Looking ahead, Concurrent said that it is growing increasingly confident of delivering a significant increase in revenue over 2022 and of its ability to meet and, potentially, exceed current market expectations for 2023.
"This confidence is underpinned by continued growth in new orders and increasing visibility on physical delivery of key components required to fulfil backlog orders," the company added.
Shares in Concurrent were down 2.8% to 69.00 pence each in London on Monday morning.
By Sophie Rose, Alliance News reporter
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