Business
Results for the year ended 31 December 2021
Results for the year ended 31 December 2021.
About this update from Concurrent Technologies Plc
[{"type":"text","content":"\n \n This announcement contains inside information\n \n 12th May 2022\n \n Concurrent Technologies Plc\n \n (\"Concurrent\" or the \"Company\" or the \"Group\")\n \n Results for the year ended 31 December 2021\n \n \n \n Concurrent Technologies Plc (AIM: CNC), a world leading specialist\n in high-end embedded computer products for critical applications\n , announces results for the year to 31 December 2021.\n \n \n Financial Highlights\n \n \n ·\n Revenue for the year slightly ahead of market expectations at £20.5m (2020: £21.1m)\n \n \n ·\n Gross profit steady at £11.4m (2020: £11.4m)\n \n \n ·\n Gross margin increased to 55.9% (2020: 53.7%)\n \n \n ·\n EBITDA increased to £5.1m (2020: £5.0m)\n \n \n ·\n Profit before Tax increased 22% to £3.5m (2020: £2.8m)\n \n \n ·\n Profit after Tax increased to £2.8m (2020: £2.7m)\n \n \n ·\n Non-cash deferred tax charge of £0.5m reflecting increase in UK tax to 25%\n \n \n ·\n EPS increased to 3.88p (2020: 3.75p)\n \n \n ·\n Dividend maintained at 2.55 pence per share for the year (2020: 2.55 pence)\n \n \n ·\n Cash in the business steady at £11.8m (2020: £11.8m)\n \n \n ·\n Prior year restatement in 2019 to increase net assets by £0.3m\n \n \n Operational Highlights\n \n \n ·\n New CEO and refreshed Leadership Team.\n \n \n ·\n Mitigated the impact of restricted supply of components through longstanding beneficial relationships with suppliers, well managed use of stock levels and flexible actions in response to shortage of specific components.\n \n \n ·\n Upgraded ability to launch new products, at broadly double the frequency and half the lead time, ensuring products are ready concurrently with market need. \n \n \n Outlook\n \n \n ·\n The Group is targeting eight new product releases in 2022. Delivery on this objective has begun, with a Position, Navigation and Timing plug in card announced in January 2022 and a 100 Gigabit Ethernet Processor Plug in Card announced in February 2022, simultaneously with the new Intel chip on which it is based. \n \n \n ·\n Strong bookings with order book increased to £16.2m as 31 March 2022 from £13.2m at 31 December 2021.\n \n \n ·\n Component shortage represents challenge to ship product in 2022, particularly in H1 with order delivery expected to be delayed and revenues recognised over a longer period than during normal ...