George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksConcurrent Technologies Regulatory News (CNC)

Share Price Information for Concurrent Technologies (CNC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 83.50
Bid: 82.00
Ask: 85.00
Change: 0.00 (0.00%)
Spread: 3.00 (3.659%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 83.50
CNC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Results for the year ended 31 December 2017

4 Apr 2018 07:00

RNS Number : 7137J
Concurrent Technologies PLC
04 April 2018
 

4 April 2018

Concurrent Technologies Plc

Results for the year ended 31 December 2017

Concurrent Technologies Plc (AIM: CNC), a world leading specialist in the design and manufacture of high-end embedded computer boards for critical applications, announces results for the year to 31 December 2017.

Financial Highlights

· Turnover of £16.2m (2016: £16.4m)

· Gross profit increased by 1.0% to £9.0m (2016: £8.9m)

· Gross margin increased to 55.4% (2016: 54.2%)

· EBITDA increased by 2.1% to £4.4m (2016: £4.3m)

· Profit before Tax increased by 2.3% to £3.0m (2016: £2.9m)

· Dividend increased by 5% to 2.20 pence per share for the year (2016: 2.10 pence)

· Cash in business plus deposits increased to £8.4m (2016: £7.8m)

 

Operational Highlights

 

· Several new high performance embedded computer boards and accessory boards as well as modules were released during 2017. These included the new generation quad-core Intel® Xeon® processors.

· In addition to providing the latest high performance and low power units across all of its open architectures for new applications and new customers, the Group's product portfolio allows for practical upgrade paths for its existing long life cycle customers.

 

Michael Collins, Chairman of Concurrent Technologies Plc, commented:

 

"The future outlook for the Group continues to be encouraging as both new and existing customers increasingly require more sophisticated boards and solutions.

The key to continued success is to expand the Group's range of products, with a particular focus on the OpenVPX™ bus architecture. In addition to boards and associated software the Group has recently started to provide development systems based on the OpenVPX™ and MicroTCA® architectures. These development systems will enable users to reduce their own product development times.

Competitive advantage can be maintained through continued R&D investment and constant expansion of the Group's range of advanced technology products, in particular targeting products and development systems for harsh environments and expanding the development of additional software and firmware products. The Group will continue to recruit additional engineers in the UK, USA and India to enable this development.

The Board continues to look for worldwide acquisition opportunities but sees many opportunities to grow the business organically into new market areas without taking unacceptable risks.

Sales and new opportunities arising this year have been encouraging and the Group's current healthy order book gives the Board confidence in the Group's performance for the full year."

Annual General Meeting

 

The Annual General Meeting of Concurrent Technologies Plc will be held at the Company's offices at 4 Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, on 22 May 2018 at 2:30pm.

 

Enquiries:

 

Concurrent Technologies PlcGlen Fawcett, CEO

 

+44 (0)1206 752 626

Newgate (Financial PR)Bob Huxford

James Browne

+44 (0)207 653 9848

+44 (0)207 653 9844

Cenkos Securities plc (NOMAD)Neil McDonald

Beth McKiernan

+44 (0)131 220 9771

+44 (0)131 220 9778

 

 

Extracts from the Strategic Report

Review of Operations

The Group achieved sales of £16.22m (2016: £16.42m). The gross profit increased to £8.99m (2016: £8.89m) while the gross margin for the year improved to 55.4% (2016: 54.2%).

Profit before tax improved to £2.97m (2016: £2.90m) and the earnings per share was 3.79 pence (2016: 3.90 pence). EBITDA (measured as Operating Profit plus Depreciation and Amortisation) for the Group in 2017 also increased to £4.39m (2016: £4.31m).

The Group continued its long-term investment in R&D and invested £3.19m in 2017 (2016: £3.39m), of which £2.13m was capitalised (2016: £2.27m).

The Group continues to have no borrowings and again paid increased dividends during the year. Its cash balances plus short to medium term cash deposits at the year-end improved to £8.41m (2016: £7.78m).

Operational Highlights 

Several new high performance embedded computer boards and accessory boards as well as modules were released during 2017. These included the new generation quad-core Intel® Xeon® processors. In addition to providing the latest high performance and low power units across all of its open architectures for new applications and new customers, the Group's product portfolio allows for practical upgrade paths for its existing long life cycle customers.

Future Plans

The future outlook for the Group continues to be encouraging as both new and existing customers increasingly require more sophisticated boards and solutions.

The key to continued success is to expand the Group's range of products, with a particular focus on the OpenVPX™ bus architecture. In addition to boards and associated software the Group has recently started to provide development systems based on the OpenVPX™ and MicroTCA® architectures. These development systems will enable users to reduce their own product development times.

Competitive advantage can be maintained through continued R&D investment and constant expansion of the Group's range of advanced technology products, in particular targeting products and development systems for harsh environments and expanding the development of additional software and firmware products. The Group will continue to recruit additional engineers in the UK, USA and India to enable this development.

The Board continues to look for worldwide acquisition opportunities but sees many opportunities to grow the business organically into new market areas without taking unacceptable risks.

Sales and new opportunities arising this year have been encouraging and the Group's current healthy order book gives the Board confidence in the Group's performance for the full year.

Dividend

The Board has declared a second interim dividend of 1.30 pence per share (2016: 1.30 pence) which when added to the first interim dividend of 0.90 pence per share (2016: 0.80 pence) will make a total of 2.20 pence per share for the year (2016: 2.10 pence). This is an increase of 4.8% on dividends paid for 2016. The total cost of this second interim dividend amounted to £945,340. As in previous years, the Directors do not intend to recommend a final dividend.

Annual General Meeting

The Annual General Meeting this year will be held on 22 May 2018.

All trademarks, registered trademarks and trade names used in this announcement are the property of their respective owners.

 

Consolidated Statement of Comprehensive Income

Year to

Year to

31 December

31 December

2017

2016

CONTINUING OPERATIONS

£

£

Revenue

16,222,732

16,423,978

Cost of sales

7,231,876

7,529,867

Gross profit

8,990,856

8,894,111

Operating expenses

6,086,516

6,040,302

Group operating profit

2,904,340

2,853,809

Finance income

65,117

48,705

Profit before tax

2,969,457

2,902,514

Tax

213,836

72,609

Profit for the year

2,755,621

2,829,905

Other Comprehensive Income

Items that will be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

(189,150)

415,966

Tax relating to components of other comprehensive income

-

-

Other Comprehensive Income for the year, net of tax

(189,150)

415,966

Total Comprehensive Income for the year

2,566,471

3,245,871

Profit for the period attributable to:

Equity holders of the parent

2,755,621

2,829,905

Total Comprehensive Income attributable to:

Equity holders of the parent

2,566,471

3,245,871

Earnings per share

Basic earnings per share

3.79p

3.90p

Diluted earnings per share

3.79p

3.90p

 

Consolidated Balance Sheet

As at

As at

31 December

31 December

2017

2016

£

£

ASSETS

Non-current assets

Property, plant and equipment

482,254

414,209

Intangible assets

7,397,512

6,846,520

Deferred tax assets

170,495

112,128

8,050,261

7,372,857

Current assets

Inventories

3,222,800

3,239,855

Trade and other receivables

2,740,335

3,327,629

Current tax assets

135,224

93,156

Other financial assets

2,502,281

1,000,000

Cash and cash equivalents

5,892,304

6,773,083

14,492,944

14,433,723

Total assets

22,543,205

21,806,580

LIABILITIES

Non-current liabilities

Deferred tax liabilities

1,473,815

1,291,468

Long term provisions

4,097

6,699

1,477,912

1,298,167

Current liabilities

Trade and other payables

2,332,599

2,810,655

Short term provisions

16,644

23,939

Current tax liabilities

-

 -

2,349,243

2,834,594

Total liabilities

3,827,155

4,132,761

Net assets

18,716,050

17,673,819

EQUITY

Capital and reserves

Share capital

739,000

739,000

Share premium account

3,699,105

3,693,818

Capital redemption reserve

256,976

256,976

Cumulative translation reserve

305,457

494,607

Profit and loss account

13,715,512

12,489,418

Equity attributable to equity holders of the parent

18,716,050

17,673,819

Total equity

18,716,050

17,673,819

 

Consolidated Cash Flow Statement

Year to

Year to

31 December

31 December

2017

2016

£

£

Cash flows from operating activities

Profit before tax for the period

2,969,457

2,902,514

Adjustments for:

Finance income

(65,117)

(48,705)

Depreciation

194,529

196,370

Amortisation

1,294,457

1,254,826

Impairment loss

286,888

499,509

Loss/(profit) on disposal of property, plant and equipment (PPE)

(3,750)

233,840

Share-based payment

27,448

13,585

Exchange differences

(110,755)

76,461

Decrease/(increase) in inventories

17,055

534,430

(Increase)/decrease in trade and other receivables

587,294

(927,530)

Increase/(decrease) in trade and other payables

(487,953)

558,815

Cash generated from operations

4,709,553

5,294,115

Tax received

(83,808)

116,142

Net cash generated from operating activities

4,625,745

5,410,257

Cash flows from investing activities

Interest received

65,117

48,705

Cash released from/(placed) on deposit

(1,502,281)

-

Purchases of property, plant and equipment (PPE)

(267,855)

(138,181)

Proceeds from sale of PPE

3,750

-

Capitalisation of development costs and purchases of intangible assets

(2,133,046)

(2,290,889)

Net cash used in investing activities

(3,834,315)

(2,380,365)

Cash flows from financing activities

Equity dividends paid

(1,599,804)

(1,452,689)

Exercise of share options

-

51,800

Purchase of treasury shares

-

-

Net cash used in financing activities

(1,599,804)

(1,400,889)

Effects of exchange rate changes on cash and cash equivalents

(72,405)

270,265

Net increase/(decrease) in cash

(880,779)

1,899,268

Cash at beginning of period

6,773,083

4,873,815

Cash at the end of the period

5,892,304

6,773,083

 

Consolidated Statement of Changes in Equity

Capital

Cumulative

Profit

Share

Share

redemption

translation

and loss

Total

capital

premium

reserve

reserve

account

Equity

£

£

£

£

£

£

Balance at 1 January 2016

739,000

 3,693,818

256,976

78,641

11,053,079

15,821,514

Profit for the period

-

-

-

-

2,829,905

2,829,905

Exchange differences on translating foreign operations

-

-

-

415,966

-

415,966

Total comprehensive income for the period

-

-

-

415,966

2,829,905

3,245,871

Transactions with owners:

Share-based payment

-

-

-

-

13,585

13,585

Deferred tax on share based payment

-

-

-

-

(6,262)

(6,262)

Dividends paid

-

-

-

-

(1,452,689)

(1,452,689)

Purchase of treasury shares

-

-

-

-

51,800

51,800

Balance at 31 December 2016

739,000

 3,693,818

256,976

494,607

12,489,418

17,673,819

Profit for the period

-

-

-

-

2,755,621

2,755,621

Exchange differences on translating foreign operations

-

-

-

(189,150)

-

(189,150)

Total comprehensive income for the period

-

-

-

(189,150)

2,755,621

2,566,471

Transactions with owners:

Share-based payment

-

-

-

-

27,448

27,448

Deferred tax on share based payment

-

-

-

-

48,116

48,116

Dividends paid

-

-

-

-

(1,599,804)

(1,599,804)

Transfer of treasury shares

-

5,287

-

-

(5,287)

-

Balance at 31 December 2017

739,000

3,699,105

256,976

305,457

13,715,512

18,716,050

 

NOTES

 

1. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the 'Group'). The financial information set out in these preliminary results has been prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by European Union. The accounting policies adopted in this results announcement have been consistently applied to all the years presented and are consistent with the policies used in the preparation of the statutory accounts for the period ended 31 December 2016. The consolidated financial information is presented in sterling (£), which is the Company's functional and the Group's presentation currency.

 

2. The financial information set out above does not constitute the Group's statutory accounts for the years ended 31 December 2017 or 2016, but is derived from those accounts. Statutory accounts for 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered following the Annual General Meeting. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not contain statements under section 498(2) or (3) of the Companies Act 2006 in respect of 2016 or 2017 and (iii) did not draw attention to any matters by way of emphasis.

 

3. The calculation of basic earnings per share is based on the weighted average number of Ordinary Shares in issue during 2017 of 72,718,490 (2016: 72,635,976) after adjustment for treasury shares and any adjustment made as a consequence of the Company having issued no Ordinary Shares during 2017 (2016: nil) and on the profit after tax for 2017 of £2,755,621 (2016: £2,829,905). The calculation of diluted earnings per share incorporates 3,504 Ordinary Shares (2016: 2,457) in respect of performance related employee share options. The profit after tax is the same as for basic earnings per share.

 

4. The Annual General Meeting of Concurrent Technologies Plc will be held at the Company's offices at 4 Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, on 22 May 2018 at 2:30pm.

 

Copies of the Annual Report will be sent to Shareholders and will also be available from the Company's Registered Office: 4, Gilberd Court, Newcomen Way, Colchester, Essex, CO4 9WN, UK, and on the Company's website: www.gocct.com.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR EANLDEFDPEFF
Date   Source Headline
5th Feb 20247:00 amRNSBoard Appointment
17th Jan 20247:00 amRNSTrading update
21st Dec 20237:00 amRNSKey VME Contract Win
19th Dec 20231:07 pmRNSHolding(s) in Company
27th Nov 20237:00 amRNSTrading Update
9th Nov 20237:00 amRNSNew Product Announcement
8th Nov 20237:00 amRNSChange of Nominated Adviser
7th Nov 20237:00 amRNSAppointment of New Auditors
2nd Nov 20237:00 amRNSHolding(s) in Company
24th Oct 20237:00 amRNSDirector/PDMR Dealing - Issue of Share Options
28th Sep 20237:00 amRNSNew Product Announcement
19th Sep 20237:00 amRNSInterim Results
6th Sep 20237:00 amRNSAcquisition of Phillips Aerospace
5th Sep 202312:04 pmRNSHolding(s) in Company
5th Sep 20237:00 amRNSNotice of Results
4th Sep 20231:20 pmRNSResult of General Meeting
25th Aug 20237:00 amRNSResult of Retail Offer
24th Aug 20233:07 pmRNSResult of AGM
16th Aug 20237:05 amRNSRetail Offer for up to £0.3 million
16th Aug 20237:00 amRNSProposed Acquisition and Notice of General Meeting
11th Aug 20233:15 pmRNSHolding(s) in Company
8th Aug 20237:00 amRNSNew Product Announcement
1st Aug 202310:58 amRNSNew Product Announcement
20th Jul 20237:00 amRNSNotification of Major Holdings
18th Jul 20237:00 amRNSPosting of Annual Report and Notice of AGM
17th Jul 20237:00 amRNSPost-Close Trading Update
30th Jun 20237:00 amRNSResults for the year ended 31 December 2022
19th Jun 20237:00 amRNSUpdate on Audited Annual Results
12th Jun 20237:00 amRNSSignificant Systems Win
9th Jun 20235:11 pmRNSNotification of Major Holdings
7th Jun 20237:00 amRNSNew Distributor Agreement
5th Jun 20237:00 amRNSNotice of Results
24th Mar 20237:00 amRNSNew Product Announcement
21st Mar 20237:00 amRNSReseller Agreement
4th Jan 20237:00 amRNSPost-Close Trading Update
14th Dec 20227:00 amRNSPartnership Agreement
28th Oct 20227:00 amRNSIssue of Share options and PDMR dealing
5th Oct 20227:00 amRNSConcurrent Technologies Enters the Systems Market
26th Sep 20227:00 amRNSInterim Results
12th Sep 20227:00 amRNSNotice of Interim Results
24th Aug 202210:29 amRNSHolding(s) in Company
24th Aug 202210:27 amRNSHolding(s) in Company
19th Aug 202212:06 pmRNSHolding(s) in Company
13th Jul 20227:00 amRNSSupply Agreement
29th Jun 202212:55 pmRNSResult of AGM
30th May 20227:00 amRNSPosting of Annual Report & Notice of AGM
23rd May 20222:46 pmRNSIssue of Share options and PDMR dealing
12th May 20227:00 amRNSResults for the year ended 31 December 2021
11th May 20227:00 amRNSInvestor Presentation
9th May 20227:00 amRNSConfirmation of Results Date and Board Appointment

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.