Concurrent
Final results for year end 31 December 2024
Welcome
Agenda
Company overview | 02 | ||||||
FY24 financial performance | 07 | ||||||
Strategy update | 14 | ||||||
Summary and outlook | 21 | ||||||
Appendix | 24 | ||||||
Miles Adcock | Kim Garrod | Brent Salgat | |||||
Chief Executive Officer | Chief Financial Officer | Chief Revenue Officer |
01
Concurrent
At a glance
A designer and manufacturer
of high-performance embedded computing solutions for some of the world's largest OEMs
Defence | Aerospace | Telecoms | Transport | Industrial
What we do
- Supply into customer critical applications
- Building on our heritage of excellent computer plug-in-cards (PICs)
- Provide application-ready systems of multiple PICs and associated services
Our focus
- Bringing innovative technology to market quickly
- Strategic engagement with customers and partners
- A broader range of systems solutions and services
- Investing in talent
Global operations, supported by a network of sales partners
Strong order book provides multi-year revenue visibility
Four decades of embedded computing experience
Dedicated to making end-users' lives safer, easier, and more productive
Industry memberships
02
Our solutions
TR MDx
TR MS8 Vulcan
PR A11
Fulla AC
Rhea
Systems
Boards
MagniHelios
Hermes
03
Kratos Hermod
II
Iris
Delivering the strategy in 2024
Increasing financial strength
Revenue +27%
£40.3m
PBT +40%
£5.2m
Cash +23%
£13.7m
Record contract wins
22
design wins, including 10 major
$6m
largest ever contract secured
£41m
Record order intake
Business repositioning
- Formerly structured Business Units and investment in key strategic hires across home markets and restructuring of SLT
- Investing in R&D to improve the cadence and time to market of products, including alongside partners
-
Rebrand to reflect
Concurrent's modern and ambitious culture
04
People and culture
2024 headcount increase of
13%
FY23 17.8%
Target culture:
Get things done
Our mindset and philosophy ensures that we deliver on our commitments
No spectators
Everything we do adds value
Ambitious
We have no limits. We are continually learning and growing
Buzzing
We love what we do, working with candour and respect
AI generated quote from our Culture15 tool based on employee survey September 2024
- The appetite for open, direct communication has increased creating meaningful interactions between people
- There is a preference for rational and data-driven decision-making
- Other areas, such as speed and clarity of decision making and openness to new ideas, have also shown positive improvements
77%
Trust
Is felt consistently across the organisation
(above 60% is considered good)
05
Our end markets
End markets | Defence | Communications | Industrial | |||||||||||||||||||||||||
and scientific | ||||||||||||||||||||||||||||
Market drivers | Open Standards | Expert | Cost of | Access to | Size, weight, | Compliance and | ||||||||||||||||||||||
partnerships | ownership | advanced tech | and power | regulation | ||||||||||||||||||||||||
Single Board Computers, Plug-in-Cards, Systems, and associated services | ||||||||||||||||||||||||||||
Why | 40+ year | Rugged and secure | Reliability and | Long-term | Reinvesting | |||||||||||||||||||||||
Support and | ||||||||||||||||||||||||||||
Concurrent? | expertise | products | longevity | in R&D | ||||||||||||||||||||||||
partnership | ||||||||||||||||||||||||||||
Concurrent designs and manufactures in the UK and USA
Defence
New platforms
- Early development through production
Mid-life updates
- Modernising existing equipment with backwards compatibility to boost performance and extend service life
Applications across domains
- Deployed across a variety of platforms, including command, control, cyber defence, intelligence, surveillance and reconnaissance, radar and signals
- Applications include 5G base station equipment, satellite communications, control and storage devices
06
2024 financial performance
07
FY24 financial highlights
Revenue +27% | EBITDA +30% | Closing cash +23% | Shareholders' funds |
£40.3m | £7.8m | £13.7m | £38.9m |
(FY23 £31.7m) | (FY23: £6.0m) | (FY23: £11.21m) | (FY23: £34.3m) |
2024
2023
2022
£40.3m
£31.7m
£18.3m
2024
2023
2022
£7.8m
£6.0m
£2.1m
2024
2023
2022
£13.7m
£11.21m
£4.51m
2024
2023
2022
£38.9m
£34.3m
£23.2m
Gross profit 49.5% | Operating profit +40% | Earnings per share | Total assets |
£20m | £5.2m | 5.49p | £50.8m |
(FY23: £15.6m) | (FY23: £3.7m) | (FY23: 4.06p) | (FY23: £46.7m) |
2024
2023
2022
£20m
£15.6m
£8.9m
2024
2023
2022
£5.2m
£3.7m
£0.4m
2024
2023
2022
5.49p
4.06p
1.35p
2024
2023
2022
£50.9m
£46.7m
£32.6m
08
FY24 performance
A five-year view
2020 | 2021 | 2022 | 2023 | 2024 | |
Revenue | £21.1m | £20.5m | £18.3m | £31.7m | £40.3m |
Order intake | £18.5m | £25.2m | £31.5m | £28.2m | £41m |
EBITDA | £5.0m | £4.9m | £2.1m | £6.0m | £7.8m |
EBITDA % | 24% | 24% | 11% | 19% | 19% |
Profit before tax | £2.8m | £3.5m | £0.4m | £3.7m | £5.2m |
Profit margin | 13.2% | 17% | 2.1% | 11.6% | 12.9% |
09
Overview of results
- Record year
- 90% increase in revenue in 5 years
- 48% increase in profit on prior best ever year (2021)
- Orders doubled in 5 years
- +£1m investment in Systems
- Backlog c.£24m; $5m Systems