LONDON (Alliance News) - Concurrent Technologies PLC Thursday posted a more than tripled pretax profit for 2014, on the back of revenue growth and lower costs, and said it had started 2015 with a strong order book.
Concurrent manufactures computer products for the defence, aerospace, transportation, telecommunications, scientific and industrial markets.
Concurrent posted a pretax profit of GBP1.7 million, more than tripled from GBP453,929 a year before, as revenue rose to GBP12.8 million from GBP11.9 million, and operating expenses dropped to GBP4.9 million from GBP5.6 million.
The company said revenue growth had been constrained by having to apply for export licenses for advanced technology products to emerging markets where it had been anticipating sales growth. However, the exporting of products containing encryption was largely de-controlled in July. Many of the company's products contain encryption, so this helped improve its overall exports in the second half.
It released four new embedded computers during the year, as well as further accessory boards and storage modules.
The company proposed a second interim dividend of 1.15 pence, up from 1.10p the year before, giving it a total dividend for 2014 of 1.80p compared to 1.75p a year before.
"The group started 2015 with a strong order book and the improvement in the situation regarding export licence restrictions is also expected to benefit the group's prospects throughout the year. We will continue to look for new opportunities and our diverse product range, coupled with investment in applying new technology, will enable us to take advantage of these opportunities in a variety of markets," said Chairman Michael Collins in a statement.
Shares in Concurrent are trading up 5.9% at 39.46 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Concurrent Technologies (CNC)