Business
Final Results
Final Results.
About this update from Concurrent Technologies Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0558V\n Concurrent Technologies PLC\n 12 April 2021\n \n \n \n \n This announcement contains inside information\n \n \n 12 April 2021\n \n \n Concurrent Technologies Plc\n \n \n \n \n \n Results for the year ended 31 December 2020\n \n \n \n \n \n Concurrent Technologies Plc (AIM: CNC), a world leading specialist in the design and manufacture of high-end embedded computer boards for critical applications\n , announces r\n esults for the year to 31 December 2020.\n \n \n \n \n \n Financial Highlights\n \n \n · \n Revenue for the year increased 9% to £21.1m (2019: £19.4m)\n \n \n · \n Gross profit increased 12% to £11.4m (2019: £10.2m)\n \n \n · \n Gross margin increased to 53.7% (2019: 52.7%)\n \n \n · \n EBITDA steady at £5.0m (2019: £5.1m)\n \n \n · \n Adjusted Profit before tax of £2.8m (2019: 3.1m after adjusting for other, non-recurring income of £1.0m)\n \n \n · \n Profit before Tax of £2.8m (2019: £4.1m - including other, non-recurring income of £1.0m)\n \n \n · \n Profit after Tax of £2.7m (2019: £4.0m)\n \n \n · \n Adjusted EPS for 2020 was 3.75 (2019: 4.38 after removing the non-recurring income of £1m and the associated tax impact)\n \n \n · \n Dividend increased to 2.55 pence per share for the year (2019: 2.50 pence)\n \n \n · \n Cash in the business increased to £11.8m (2019: £10.5m)\n \n \n \n \n \n Operational Highlights\n \n \n \n \n \n · \n Production and the design and development functions have remained open and, for the most part, fully operational throughout the COVID-19 pandemic. The Group has not participated in any government aid scheme such as the Coronavirus Business Interruption Loan Scheme (CBILS) or VAT payment deferral and no employees have been furloughed during the pandemic.\n \n \n · \n Exports remain strong and contribute 91% of Group revenue\n \n \n · \n Cessation of R&D facility in India almost completed and functions transferred to UK. Costs of cessation were £0.7m which have been recognised in the 2020 accounts.\n \n \n · \n Spending on R&D increased to £3.89m in 2020 (2019: £3.51m), of which £1.88m was capitalised (2019: £2.26m).\n \n \n \n \n \n The Group's previous Chairman, Michael Collins, retired from the Board in September 2020 after 31 years' service to the Group. Mike's knowledge and experience helped to ...